The Arab African International Bank (AAIB) requires owning an account at the bank to obtain a car loan. Applicants will also need to provide a copy of their valid national ID card.
Applicants must be 21 to 65 years old at the end of the loan period. They also must have been an employee at their current job for at least six months.
The minimum funding for a car loan is EGP 22,000 and capped at EGP 1m. Funding could amount to 26-fold the monthly income and can be repaid over 84 months.
The bank offers free life insurance throughout the financing period through a variety of insurance companies from which the client can choose.
Customers can get financing to buy three cars, as long they fulfill the income criteria. Clients can also delay the installments up to three times per year. AAIB does not require procuration from clients nor force clients to leave a copy of the car key at the bank. Clients also do not need a guarantor for these loans.
The bank provides this funding to employees at a fixed salary, whether they are employed by a joint venture with the bank’s payroll services or with an institution that is not involved in such services.
In the same context, AAIB provides a personal finance programme to meet all the needs of employees, employers, and professionals.
Its minimum funding is EGP 7,000 and the maximum is EGP 1m. Funding could reach 25-fold of a client’s monthly income.
The repayment period of these loans is up to 84 months, with the possibility of increasing the value of financing during the repayment period and the possibility of postponement of the installment up to three times per year.
Clients can also reduce installments’ value through extending the repayment period. The bank provides free life insurance throughout the repayment period.
In order to obtain these loans, the same paperwork must be submitted and the same terms as for the car loans apply.