Durable Goods Loans are granted to Egyptians through the following finance schemes:
- Employees with a pledge from their employer to transfer the monthly salary / installment
- Employees with proof of income certificate
- Self-employed professionals / business owners
- Pensioners / Pension Beneficiaries (with or without a pledge to transfer pensions)
- Loans guaranteed against savings deposits (Egyptians and foreigners)
- The debtor must be at least 21 years old
- Loan capped at up to EGP 500,000
- Financing worth up to 100% of the value of the durable goods
- Loan period of up to 120 months
Required documents:
- Copy of a valid national ID card
- Recent original utility bill at the customer’s residence
- Validated price list of the good(s) from the supplier(s) contracted by the Bank
For employees:
- A certificate of income is required
- Employer's pledge to transfer the monthly salary / installment (in the case of the entity’s pledge to transfer).
For self-employed:
- Copy of tax card
- License/permit to practice the profession, for self-employed
- Recent official extract from the commercial registry, for self-employed
- Bank statement for the previous 6 months or income statement from a public accountant, approved by the Central Bank of Egypt or the Egyptian Society for Accountants and Auditors.
For pensioners:
- Certificate of the monthly pension from the disbursing entity
- Beneficiaries of the pension statement (in the event of existing beneficiaries)
- Pledge to transfer the monthly pension (in the case of the entity undertakes to transfer pension)
Additional benefits:
- Free life insurance policy throughout the loan period
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Durable goods loans and Murabaha are offered based on customers' default income, even if they have credit cards from other banks within Egypt. These financing programs are available for the following categories:
- Government, public sector, and public business employees
- Private sector employees
- Professionals and freelancers
General conditions for loan approval:
- The minimum age of the borrower is 21 years.
- The maximum loan value is 3 times the credit card limit, with a maximum of 150,000 Egyptian pounds.
- The maximum financing percentage is 80%.
- The maximum loan period is 60 months.
Ensure you have the following documents ready:
- A copy of a valid national ID card
- Original utility bill (gas, electricity, water, telephone) for the customer's residence
- Price quote for the approved product/products from the supplier or suppliers contracted with the bank
Additional documents required for self-employed and freelancers:
- A recent official extract from the commercial register for freelancers
- License/permit to practice the profession for freelancers
- A copy of the tax card
Additional features:
- Customers are provided with a free life insurance policy for the entire duration of the loan.
