Details of Chinese car loans to Al-Ahly Bank and Egypt in 20

Home » Economy » Details of Chinese Auto Loans to Al-Ahly Bank and Egypt as of January 15, 2022

4:30 p.m.

Saturday, January 15, 2022

I wrote – Manal Al-Masry:

Al-Ahly Bank and Egypt offer loans dedicated to financing the purchase of new cars from Chinese owners to customers, but with different conditions from other cars.

Banks started financing Chinese cars two years ago as their diffusion and use increased in the Egyptian market, but they are limited to financing some models without others.

The Chinese car loan is granted in the two largest government banks to customers with a guarantee of salary transfer to public or private sector employees, professionals and the self-employed, or by guaranteeing the customer’s kitty.

Masrawy outlines details of new car loans from Chinese owners to National Bank and Banque Misr at the beginning of the first month of 2022:

Ahli Bank

Interest rate: from 15% decreasing to 16.5% annually, depending on the terms of the loan.

Loan value: £20,000 to a maximum of £1 million.

Bank financing percentage: 50% of the total value of the car.

Administrative fees: 1.5% to 2% of the total value of the loan, depending on the client’s condition.

Loan repayment period: 4 years maximum.

Monthly income: 1500 pounds minimum.

Age: 21 to 60 years old maximum.

Bank of Egypt

Interest: from 15.5% to 17.75% annually, decreasing and variable according to the employer’s commitment to transfer the salary to the bank.

Loan value: from 70,000 pounds to a maximum of 550,000 pounds.

Administrative costs: 1.5% of the total amount of the loan.

Financing percentage: 60% of the total value of the car.

Loan repayment period: from 1 to 3 years maximum.

Monthly income: a minimum of one thousand pounds for a government employee, and two thousand pounds for the private sector.

Age: 21 to 65 years old.