2024-03-19 12:19:00
02:19 PM Tuesday, March 19, 2024
Written by Manal Al-Masry:
The National Bank and Misr Bank raised the interest rate on personal loans starting last week, reaching 32.5% for some customers, coinciding with the Central Bank’s decision to raise the interest rate by 6% all at once.
The Central Bank decided last Wednesday to raise the interest rate by 6% in an extraordinary meeting of the Monetary Policy Committee, bringing its interest level to 27.25% for deposits and 28.25% for lending, with the aim of containing the inflationary pressures resulting from liberalizing the pound’s exchange rate.
The personal loan is one of the most important loan programs that is in great demand among customers due to the ease of its procedures and obtaining it in cash without the need to submit an offer to purchase a specific commodity, such as a car loan and durable goods.
The two banks provide personal loans to employees in the public and private sectors and self-employed individuals after completing the required documents, including a copy of the national ID, a certificate proving monthly income, and a receipt for recent services (water, electricity, or gas).
In the following lines, Masrawy provides details of personal loans at the National Bank and the Bank of Egypt.
National Bank of Egypt
– Loan value: up to a maximum of 3 million pounds.
– Loan repayment period: up to 12 years.
– Interest rate: ranges from 29.5% to 32.5% annually on a decreasing basis depending on the type of client’s job.
– Administrative expenses: The bank deducts from 2% to 3% of the total value of the loan depending on its repayment period.
– Monthly income: a minimum of 1.5 thousand pounds.
– Customer age: from 21 years to 65 years when repaying the last installment of the loan.
Egypt Bank
– Loan value: The loan value reaches a maximum of 3 million pounds.
– Loan repayment period: up to 12 years.
– Interest rate: ranges from 28.5% to 30% annually depending on the type of client’s job.
– Administrative expenses: The bank deducts a specific percentage of the total loan value once and is determined with the customer service employee.
– Monthly income: a minimum of one thousand pounds for government sector employees and two thousand pounds for private sector employees.
– Customer age: from 21 years to 65 years when repaying the last installment of the loan.
1710859719
#reached #32.5…an #increase #interest #rate #personal #loans #National #Bank #Bank #Egypt