In light of the high car prices, Egyptian banks allow customers to obtain a car loan, and this is according to specific conditions and following a set of procedures.
Banks, including the National Bank of Egypt and Banque Misr, provide facilities for all individuals to get car loan with several guarantees, including a salary transfer guarantee, and without salary transfer, and for self-employed people, according to specific conditions with easy procedures.
Car loan 2022 from Banque Misr for self-employed people:
Banque Misr provides access to car loans for self-employed people, and Banque Misr offers a car loan with the guarantee of the commercial register and tax card with a financing rate of up to 80 percent of the actual car value, and the customer must pay 20 percent as a down payment.
Car loan from Banque Misr:
The loan amount is a maximum of LE 750,000, and the repayment period ranges from six months to six years, and the interest rate is 19.5 percent.
Conditions for obtaining a car loan from Banque Misr 2022:
The minimum age for the loan application must be 21 years.
Salary is not required to be transferred to the bank.
The maximum age of a self-employed borrower is 65 years.
The minimum amount of the car loan for the monthly salary is LE 2000 for the self-employed.
Documents required to obtain car loans from Banque Misr:
A copy of the tax card.
A copy of the profession practice permit must be attached.
An official copy for the commercial register.
Bank statement for 6 months.
Car loan 2022 from the National Bank of Egypt (NBE):
NBE issued a new decision recently to raise the maximum value of the car loan. NBE allows the financing of professionals and self-employed people with up to 50 percent of the total value of the car, which means that the customer is required to pay the value of half the car as a down payment.
Another advantage offered by the bank is that the financing percentage can reach 70 percent of the total value of the car in return for the customer paying 30 percent of its total value in advance before approving the loan.
The loan amount is a maximum of LE 3 million, and the repayment period ranges from one year to seven years, and the interest rate is 19 percent.
Conditions for obtaining a car loan from NBE 2022:
The minimum age for the loan applicant must be 25 years.
Salary is not required to be transferred to the bank.
The maximum age for borrowing by the self-employed is 60 years.
It is required that the customer’s monthly income suffices the value of the car loan installment, provided that the total value of the installment does not exceed 50 percent of the total monthly income.
