Contracting procedures for old car replacement standardised across all banks: Trade Minister

Zamzam Mostafa
2 Min Read

Egypt’s Minister of Trade and Industry Nevine Gamea has announced that the contracting procedures for replacing old vehicles with dual-fuel ones are standardised across all banks.

The procedures ensure that citizens will be able to access funds with an interest of 3%, and instalments of up to 10 years.

Gamea called on citizens to access the initiative to scrap old vehicles in an orderly way, as it is set to continue over a period of three years.

Regarding the receipt of a new vehicle, customers are required to register first with the initiative through the official Ministry of Trade and Industry website or other designated methods for the initiative.

After the authorised authorities contact the registrars, a certificate to scrap the old vehicle is issued, and the registered participant determines the car they wish to own. They will then receive full details regarding the new vehicle including its official price.

Banks participating in the initiative should be provided with all documents, including a scrapping certificate for the old vehicle, a detailed letter of employment, and a recent utility bill.

The bank determines the instalment period, covering from seven to 10 years, according to the customer’s wishes as well as the price of the vehicle.

More than 20 major car dealerships companies operating in the Egyptian market are participating in the initiative. This is most notably: Ghabbour, which will offer the Hyundai solati micro bus; Kia, which will offer the Sorento SUV; and Nissan which is offering the Sunny and Sentra models; along with Fiat.

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