Several banks have offered used car purchase loans to customers, to facilitate them in obtaining an alternative car for a new one, especially in conjunction with the high level of zero in the market now. The details of these loans are as follows:
Details of used car loans in several banks:
Faisal Islamic Bank:
Interest rate: ranging from 17% p.a. to 19% p.a. decreasing.
Loan value: up to 200 thousand pounds.
Repayment period: up to 5 years.
Administrative expenses: ranging from 0.5% to 1.5%
Age: 21 to 60 years old.
Monthly income: 1500 pounds per month as a minimum.
Al Baraka Bank Egypt:
Interest rate: starting from 15.25% per annum, decreasing.
The value of the loan: 750 thousand pounds.
Repayment period: up to 5 years.
Administrative expenses: ranging from 0.5% to 1.5%
Age: 21 to 60 years old.
Monthly income: 3000 pounds per month as a minimum.
Cairo Bank:
Interest rate: ranges from 15.5% to 22%.
Loan value: from 15 thousand pounds to 2 million pounds.
Repayment period: 7 years.
Administrative expenses: 2.5% of the total loan amount.
Age: 21 to 65 years old.
Monthly income: 1500 pounds per month as a minimum.
QNB Bank:
Interest rate: between 18% to 21% decreasing.
Loan value: up to a maximum of 750 thousand pounds.
Repayment period: up to 5 years.
Age: Not less than 21 years old and not more than 60 years old.