Car scrapping initiative … date of receipt, installment terms and advance (full details)

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With the Ministry of Finance announcing that it had received many applications for the old car replacement initiative, which reached more than 69,000 applications, the ministry began changing the strategy for receiving requests for the replacement car initiative by text messages.

The Ministry of Finance developed a map to inform citizens of steps to inform citizens of the steps to hand over their cars to “scrapping” as part of the initiative to replace old cars with new ones that run on dual-fuel gasoline and natural gas as part of a national plan by the state to replace natural gas as fuel for cars.

According to the website link for the car scrapping initiative launched by the Ministry of Finance Here The conditions are as follows ..

First: General conditions for the car scrapping initiative within the car replacement initiative:

The applicant must be Egyptian.

The applicant’s age should not be less than 21 years.

That the car has been built for 20 years or more.

The car license must be valid.

The car license belongs to one of the governorates of the first phase (Cairo – Giza – Alexandria – Qalyubia – Port Said – Suez – the Red Sea).

The car license must be in the name of the applicant.

To be a license The Car In the name of its owner, two years ago, before the launch of the program. “Regarding the angel cars”.

As for the steps for citizens to hand over their cars to «Scrapping»Within the Car Replacement Initiative:

** Handing over old cars to “scrapping”. In the event of buying a car in installments, the citizen must contract with one of the banks sponsoring the car replacement initiative, so that the installments are paid to the lending bank on the dates specified in the contract, including the insurance policy premiums.

In the case of buying the car in cash, the owner is obligated to pay the deposit of the new car reservation to the car company, and he pays the rest no later than 5 working days from the date of transferring the green incentive.

The prices provided by the company will also be fixed.DeclaredFor a period of 6 months starting from the date of the actual delivery of the first car in the presidential initiative to replace obsolete cars (owners, taxis, and microbuses), provided that prices are not adjusted until after referring to the fund “financing the purchase of some quick financing vehicles” at the Ministry of Finance.

Owner 10% of the new car’s value, with a maximum of 22,000 pounds

The taxi is 20% of the new car’s value, with a maximum of 45,000 pounds

The microbus is 25% of the new car’s value, with a maximum of 65,000 pounds

* A plan to replace the microbus will be announced, and its implementation will start soon.

All participants in the initiative benefit (cash – in installments) with the value of this incentive.

The car prices shown on the website were calculated after deducting the value of the green incentive from the car price.

The Central Bank of Egypt provided credit facilities to the participants in the initiative (through 31 banks) at an interest rate of 3% (lump sum annual return) for a period of (7 and 10 years).

Misr Insurance Company offers a discount of up to 50% (from the market price) on the comprehensive car insurance policy.

Misr Insurance Company provides additional insurance coverage (free of charge) to all participants in the initiative, which is the personal accident insurance of the car driver at an amount of 100,000 pounds as a result of death in a car accident or total disability due to a car accident.

Misr Life Insurance Company offers a discount of up to 50% (from the market price) on the life insurance policy for the participant in the initiative.

The participating auto companies provide competitive prices over the market price, and facilities for after-sales services.

In the event that the car was acquired in cash, the customer has the right to benefit from the insurance benefits described in clauses (3 – 4 – 5) by communicating with the two insurance companies mentioned above.

  • The situation in Egypt
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