Thursday 16 July 2020
I wrote – Manal Al-Masry:
Arab African International Bank offers a personal finance program (known as a cash loan), and this program meets all the needs of employees, employers, and self-employed.
The value of the loan: From 15 thousand pounds to 1.5 million pounds, according to the customer’s monthly income.
Loan repayment period: one year and up to 10 years.
Salary withholding rate: 50% of the total salary as a maximum.
Age of the client: The age is not less than 21 years and not more than 65 years at the date the financing ends.
Interest: The determination of interest is subject to many factors and varies from one customer to another, according to the bank’s classification of the company he works for, and according to the customer, a government or private employee and if he is a customer of the bank or not a customer.
– Additional benefits: The bank provides the possibility to postpone the installment up to 3 times a year, and the possibility of reducing the value of the installment by extending the payment period if the salary and age of the customer allow this.
Free life insurance throughout the repayment period.
Conditions required for approval of the loan:
1 – Opening an account with the Arab African International Bank.
2- A valid copy of the national ID card.
3 – The client must have been appointed for at least 6 months in the place where he works.
4- A copy of a recent utility receipt (water, electricity, or gas).
5- A certificate of total income from the employer and a commitment to transfer the salary or loan installment to the bank.
Funding programs by function are divided into:
First: An employee in the government or the private sector with a fixed salary (working for a joint institution with pay services in the Arab African International Bank).
Second: An employee in the government or the private sector with a fixed salary (working for a non-participating institution in the pay services of the Arab African International Bank).
Third: Self-employed people who have a commercial record and owners of projects.