Conditions for a car loan from the National Bank of Egypt 2023 (details)

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What are the conditions for a car loan from the National Bank of Egypt?? This is what we will learn about in the topic of our article today, as the National Bank of Egypt revealed a car loan service without a guarantor for those who wish to buy a car in installments from the National Bank of Egypt, and the loan has reached a limit of one and a half million pounds for employees, and 3 million pounds for professionals and entrepreneurs.

In this report, we will know in a comprehensive manner the conditions and papers required to obtain it Car loan from Al Ahly Bank of Egypt For employees and self-employed owners, how much will we know the car loan interest rate from the National Bank of Egypt for the year 2023, in addition to other details that we will learn about below via the website Technical dot com.

Conditions for a car loan from the National Bank of Egypt 2023 (details)
Car loan conditions from the National Bank of Egypt

Cars have become one of the most important means of transportation that people use in our time, along with other means of transportation represented by planes, trains, and other means of transportation, but in light of these difficult economic conditions that most international and Arab countries suffer from, the issue of buying a new car has become a distant dream.

Therefore, many people resorted to banks and companies that offer loans to buy cars, as countries worked to provide licenses to companies and governments that work in this field, and Egypt was one of the Arab countries that includes a number of banks and companies that provide Loans for the purchase of cars in installments.

Among them is the National Bank, where the National Bank of Egypt has announced its start to provide loans to buy a car for the year 2023 at low interest rates and under certain conditions. Many questions began about these conditions imposed by the bank. Therefore, in our article today, we will present the conditions for a car loan from the National Bank of Egypt with Loan repayment details.

Also read: How to buy a car in installments in Egypt

Advantages of a car loan from the National Bank of Egypt

  1. You can get a car loan from the National Bank of Egypt without the need for a guarantee.
  2. When you get a car loan, it offers a free life and kidney disability insurance policy.
  3. The bank offers a financing amount of up to a quarter million Egyptian pounds.
  4. The bank can provide full financing for the price of the car, as the financing value reaches 100% of the car price.
  5. The customer can choose the loan repayment period, as the repayment period extends from one year to 7 years.
  6. The interest rate charged by the bank is competitive with other banks and companies.
  7. The bank offers a dedicated program for corporate employees.
  8. The minimum monthly net income must start from 1,500 Egyptian pounds.
  9. An applicant wishing to obtain a car loan from the National Bank of Egypt can open an account in the National Bank of Egypt without any expenses.

Conditions for obtaining a car loan from the National Bank of Egypt

There are some conditions that the applicant must fulfill before applying for a car loan from the National Bank of Egypt, and these conditions are as follows:

  1. For employees, the age of the borrower must not be less than 21 years and not more than 60 years at the end of the loan repayment period.
  2. For business and self-employed persons, the age of the applicant must not be less than 25 years and not more than 65 years at the end of the loan repayment period.
  3. Presenting the personal card that includes the national number, provided that the loan is for the card holder himself, and the card must be valid.
  4. Submission of data and receipts for payment of electricity, water and telephone, provided that the period of such receipt does not exceed 3 months, and the applicant’s residence address must be indicated on it.
  5. The applicant’s monthly income must not be less than 1,500 Egyptian pounds.
  6. The bank does not allow borrowing more than 750,000 Egyptian pounds.

Documents required to obtain a car loan from the National Bank of Egypt

There are some documents that the applicant must submit to obtain a car loan from the National Bank of Egypt, and these documents are as follows:

  1. Submit a copy of the valid national ID card.
  2. Submission of billing documents in the name of the applicant for water, electricity and telephone, provided that the payment period does not exceed 3 months.
  3. When applying for a loan from the National Bank of Egypt, the applicant will be required to provide a salary certificate statement, whether he works in the government sector or in the private sector, as the loan amount will be determined for the individual based on the value of the salary, and the bank will ask you to transfer the salary to your bank account in the National Bank, or you can Requesting a loan by guaranteeing investment certificates or in the presence of a guarantor, according to what the customer chooses.

What is the interest rate for a car loan from the National Bank of Egypt 2023?

The interest rates for car loans at the National Bank of Egypt range from 16.5% interest at a fixed value annually, or 20% interest at a decreasing value annually, and it is calculated according to the remaining amount that the borrower must pay.

The customer can choose the method of payment according to his desire, knowing that interest rates are variable according to the decisions of the Monetary Policy Committee at the Central Bank, where it holds its meeting on a monthly basis.

Also read: Lowest interest car loan in Egypt 2023

Commissions and fees that must be paid to obtain a car loan from the National Bank

  1. There are administrative expenses that the applicant must pay, and it is calculated from the amount of funding once provided, at an amount of 1.5% up to 5 years, and 2% up to 6 or 7 years, according to most programs.
  2. The commission for early repayment of a total or partial loan is 3% of the amount to be repaid.
  3. The penalty for late payment of the installment is 2% of the amount due if it is not paid on time.

Here we have come to the end of our article for today, where we presented you with the conditions that must be met to obtain a car loan from the National Bank of Egypt, in addition to the value of the fees imposed on customers in addition to the interest rate imposed on the loan, where you can choose the payment method that you want and according to the method Payment You can pay the value of the interest. If you want to get a car, you can try the National Bank of Egypt and apply for a loan. We hope that you liked the article.

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