Other Consumer LOANS
• Car Loan
• Durable Good Loans
• Loans for purchase of consumer goods
• Salary loans guaranteed through transfer of salary or installments
• Loans guaranteed by documents of BANQUE MISR investment funds
• Sporting Clubs Membership Subscription loan
• Back to school loans (interest free)
• Loans for purchasing national goods and products .
Loans for purchase of consumer goods :
These loans are offered to employees in government, public business sector, banks, investment sector and private sector, for purchasing durable consumer goods, guaranteed through transfer of salary.
• Loans are given with a maximum of 10 month salary for the debtor and the same for the guarantor
• The loan amount calculation is based on the total salary transferred, with a maximum of LE 8000.
• Repayment is made by monthly installments with a maximum of 48 months.
• A consumer interest of 8% annually is charged.
• The loan can be reciprocal for each of the debtor and the guarantor.
Salary loans guaranteed through transfer of salary or installments :
The loan is granted to employees working for government authorities, public, private and investment sectors.
• No guarantor required.
• The loan applicant has to be older than 21 years and younger than 60 years by the end of the loan duration .
• The loan applicant needs to have been at their current employment for at least one year .
• The loan’s maximum limit is 25 times of the monthly revenue of government and public employees, and 15 times of the monthly revenue of private and investment sectors’ with a maximum amount of LE 400,000 .
• The monthly installment should not exceed 40% of the employee’s monthly revenue .
• The maximum loan duration is 7 years for government and public sector employees, and 5 years for private and investment employees .
• The loan is granted when the applicant agrees to have their monthly installments directly deducted from their monthly salary .
• The loan includes an insurance policy against death and total disability .
Loans guaranteed by documents of BANQUE MISR Mutual fund (First Issue – Second Issue):
For documents of the First Issue, loans are given with a maximum of 60% of the nominal or market value of the document used as collateral, whichever is less.
For documents of the Second Issue, loans are given with a maximum of 50% of the recovery value, provided that the interest to be paid should be added to the debit account.
Interest rate on the loan is the bank's prevailing interest rate for 3-month deposits plus 2%. It will apply through the term of the loan and is reviewed upon renewal only.
Loans guaranteed by Mutual Funds' Certificates should not be for the purpose of buying new certificates.
Back to school loans (Interest free):
Interest-free loans for back to school are extended to clients of BANQUE MISR only, to pay school fees, according to the following conditions:
• The loan is given to clients with current accounts, savings media, savings accounts, provided that the borrower is a client of BANQUE MISR for two years at least.
• The client should have children in various stages of education to be eligible for the loan.
• The maximum amount is LE 1000 (LE 500 per student).
• Repayment is made in 5 equal monthly installments (which can be extended with a maximum of 10 months upon client request).
• The loan is offered at all branches of BANQUE MISR countrywide, including Islamic Transactions Branches.
Loans for purchasing national goods and products :
Loans are extended to employees in government and other sectors, for financing the purchase of national goods and products, through the finance available from the Central Bank of Egypt for re-lending through BANQUE MISR branches countrywide, according to the following conditions:
• The applicant should be a permanent employee, with more than three years of service with his current employer.
• The applicant should not have obtained previous loans from any branch of BANQUE MISR or other banks or agencies.
• The total loan shall be one quarter of the borrower's salary times the number of installments required (24 installments).
• A simple interest rate is charged to the total loan at 6% annually for the term of the loan, with no other commissions or charges.
• The interest collected shall be deducted from the amount of the loan or added, according to the wish of the client.
• A Guarantor from the same agency where the borrower is working should co-sign.
• Reciprocal loans can be given to both the borrower and the Guarantor, provided that 25 % of the salary of one of them covers the total amount of the two loans.