Compare the best options on the market and choose the one which best adapts to your day to day needs.
Further Below: Our Guide To Loans in Egypt, Everything You Need to know.
Abu Dhabi Commercial bank (FAB)
- Get a loan of up to EGP 2,000,000
- Competitive interest rates
- Flexible repayment period of up to 84 months
- Loans available for any purpose
- Offers both secured and unsecured loans
- Fast payout
- Laxer application procedure
- Free application to customers
- Applicants with stable incomes are privileged
- Flexible loan limit depending on the applicant’s salary
- Offers a loan tenor of up to 5 years
- Attractive and flexible interest rates
- Offers an annual grace period of 30 days
- Lenient application procedures
- Loan purpose is diverse
- Fast approval
- Limited to Citibank customers
- Customized repayment terms
Commercial International Bank (CIB)
- Offer loans of up to EGP 3,000,000
- Annual interest rate of 15%
- Longer repayment terms of up to 8 years
- Offers both secured and unsecured loans
- Fast approval within a few minutes
- Hassle-free online application
- Offers unlimited loan purposes
- Simpler eligibility criteria
- Applicants with stable incomes are preferred
Loans in Egypt, All You Need To Know:
Continue reading to find out how to select the best loan option for your financial situation. At FUNDGECKO, we make a greater effort to compile the most reliable news and data that is relevant to influence your financial decisions. This will make the loan application procedure quick and effective for you.
Scroll down to learn how to hire a financial product in Egypt and what to consider before doing so.
- Are majorly purposed to finance small emerging needs
- Fast and flexible online application in an applicant’s comfort zone
- First-time applicants are given lower loan limits depending on salary income
- Their small amount is reimbursed in a single ent within one month
- Fast payout as approval is done within a few minutes
- Are expensive loans with high-interest rates and shorter repayment periods
- Always confirm your loan repayment ability before taking out the loan
- Understand how the loan works before taking a loan
What are loans and how do they work?
A loan is a product or a certain amount of money given to a borrower with the assumption that they would repay it later. Several laws and rules apply to the lending and borrowing of loans, and these laws and rules differ by nation and, to some extent, by each lender. Depending on several factors, the requirements for loans may change. The size, price, terms, and additional charges of the loan are just examples of these factors.
As a result, before you apply for a loan, the lender will give you documentation explaining the terms and circumstances of the loan. Take close note of even the slightest details to be ready for any potential charges. There are many loan sizes and different loan types. For instance, online mini-loans provide little loans that are repaid after a month. Secured loans, however, can provide sizable sums and have protracted payment terms.
Egypt has a stable economic environment which has led to the continuous maintain a stable interest rate of 10.50% in the last 5 months. The annual average lending rate is 13.45% in the past few years.
Therefore, you need to become familiar with the loan terms and conditions to guarantee that you apply for the best alternative for your needs.
What we should know before taking out a loan in Egypt
- To engage in any legal business in Egypt, you must first obtain a Tax Identification Number (TIN). This number is significant for doing legal transactions authorized by the tax authority, regardless of residence in Egypt or nationality.
- Always research the past lending history of an organization before taking a loan as there are fraudsters who have negative intentions.
- Over 120,000 ATMs have been created under the nation’s establishment of the interbank payment system. About 90 different services are supported by the long-standing multi-banking network, including settling monthly bills, paying taxes, and purchasing airline tickets.
- Banks in Finland are regulated by the Central Bank of Egypt (CBE)
When is it advisable to apply for loans?
We always turn to online mini-credits when we have a financial emergency. We receive quick cash from the loans in a straightforward, convenient, and hassle-free way. But you’ll only be eligible for this type of credit in certain situations. Therefore, before making any judgments, it’s imperative to have a thorough grasp of loans and when you need them.
We apply for online loans when?
- We need an argent financial satisfaction
- Consolidating debts
- The need is not recurrent
- We understand the loan terms and how it works
- It’s the only financing options
- We can repay the loan amount comfortably
- We do not solicit regularly
- We know the actual amount to pay and all additional fees
We shouldn’t apply for online loans when?
- We can postpone our needs to a further period
- The financial need is recurrent
- We want to take the loan regularly
- We don’t understand how the loan works
- There are other alternative sources of funding
- We’re not sure of our ability to repay the loan
- We’re not sure of the actual amount to repay
The above aspects will quickly help us understand and assess our financial needs to determine why we need a loan and for which purpose.
How much money can I get with mini-credits?
Small financial issues can be helped by mini loans because of their quick approval and flexible eligibility requirements. Since new borrowers have little faith in the lender, they almost usually start with small loans.
In Egypt, the loan amount given to first-time applicants depends on their income level. There is no specific set amount. However, this starting amount keeps advancing to bigger limits.
Since the lender already has confidence in the borrower’s ability to repay the loan, older consumers of online microloans may benefit from larger loans at cheaper rates. These borrowers have previously borrowed money and repaid it without difficulty while adhering to the established terms and conditions.
Requirements to access loans in Egypt
The loan application process is always successful if the applicant meets a few minimal requirements. Each of these requirements must be fulfilled by the borrower, even though they might not be as strict for modest loans obtained online. Due to their larger loan amounts and extended repayment times, other loan types have harsher requirements.
So, what requirements must you meet to access a loan in Egypt?
- Be of legal age. The legal age preferred in Egypt is 21 years as some lenders will consider applicants of 18 years as minors.
- Good credit history. Credit lenders will always be concerned about your previous credit history due to the insecurity of losing money and for eligibility purposes.
- Have a stable source of income. The lender must establish your ability to repay the loan. Therefore, having a reliable source of income ensures that you will have money left over to pay back the loan. However, some lenders will only finance you if your wage isn’t meager, while others don’t mind funding you if you don’t have a steady source of income.
- Have an Egypt residence permit. For easier eligibility for a loan, you should be an Egyptian citizen or a resident within the country’s borders.
Since these standards vary from organization to organization, you should make sure you comply with them all to demonstrate expertise.
Documents to be submitted when requesting a loan
In Egypt, you need to fulfill more requirements than just the perception that you do to qualify for loans. Your lender will ask for evidence that you are eligible for the loan, and the documentation is important for this. Before being submitted online for the online option, these documents are uploaded, sent by email, or scanned. For the physical application, lenders may request that you drop it off at their offices or send it to them by courier.
- Proof of identity either ID or Passport
- Utility bills for the previous 3 months
- Payslips to show income received for the last months
- Human Resource letter if employed
- Tax compliance certificate or approval
- Credit clearance certificate
The above-mentioned requirements are the most prevalent in Egypt. However, some organizations frequently have additional requirements depending on the loan type and other factors. Most lenders provide customers with access to online application systems. The process is therefore quick and easy.
How to take out loans online step by step?
Steps to contract a mini loan:
- Choose the amount and terms of repayment
- Fill in the form
- Send the documentation
- Read and sign the contract
The application process in Egypt is entirely online, down to signing the contract, thus the money is processed promptly in a few minutes.
Below are the steps to follow:
- Select the loan amount and the period for repayment that you want. The borrower will need to make a prudent decision at this stage, taking into account their capacity to repay the loan and the repayment period. Repayment terms for small loans are shorter than those for large loans.
- Once you receive the application form online, fill it out completely and honestly. There will be vacant spaces on the form that you must fill out with your name and last name, date of birth, ID number or passport number, etc. Fill out every blank field, please. There must be no discrepancy between the information you supply here and your documents.
- Verification. The lender will take their time to evaluate how your information stacks up against that of the supporting documents and bank records. At this point, most applications are turned down. The lender will approve your application and provide the necessary legal documentation if everything is in order.
- When you receive the contract forms, read them carefully to understand all the terms and conditions. To be confident of what you’re signing up for, make a note of any potential modifications, fees, or costs.
Funds will be disbursed into your account within the agreed time
About this page, our methodology
What is this page for: our main goal is to help you choose the finance option that best suits your financial requirements. We combine the greatest information currently available regarding consumer credits and what factors to consider in examining options that help you select the most alluring product at the time.
Source: The information regarding the main characteristics of loans in Egypt and their current regulation comes from the Financial Regulatory Authority laws, Government portals, and financial institutions such as the Central Bank of Egypt among other reliable sources.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.
About us: FUNDGECKO is a comparison website that helps customers who are unsure about personal loans or which service to select. We assist our users in making informed decisions by arming them with all the information they need about consumer credits and how to select the choice that best suits their needs.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products