Right before you miss it … National Bank cuts interest by 1% on personal and auto loans

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Certainly, the Corona pandemic has negatively affected many small and micro enterprises, and from here the National Bank has created many solutions to try to contain the crisis and help the owners of projects complete their projects to boost production. The National Bank of Egypt has announced a 1% interest cut on personal loans and cars, as of From the middle of this month, after reducing it on the Platinum Savings Certificate, despite the Central Bank’s decision to fix interest, according to a customer service employee at the bank.

National Bank announces a rate cut in retail bank loans

The National Bank published a circular for its various branches in all governorates of the Republic to reduce interest on loans for cars or personal loans or even financing projects for small private companies in order to stimulate the increase of borrowing rates and reduce the cost of the interest burden on customers in line with the directions of monetary policy, and benefit from this reduction For new customers who will receive loans after the reduction, as for existing customers, the interest rate on their loans is the same.

Right before you miss it ... National Bank cuts interest by 1% on personal and auto loans

Real estate financing and central bank initiative

In a detailed statement of the decision announced by the private National Bank for a group of personal “retail” loans and car loans, but for real estate financing outside the central initiative, various programs are allocated to them that suit all the bank’s clients, whether employees in the public or private sector or self-employed, and the interest rate is on Car loans after the reduction from 17% to 18%, decreasing instead of 18% to 19% before the reduction, and the interest rate on personal loans after the reduction reached from 13.75% to 17.5%, decreasing instead of from 14.75% to 16.5%, and these loans are provided with a salary guarantee whether For government employees or the private sector, while liberal professions have different benefits according to the type of activity.



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