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 Personal 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
Personal Loans in Egypt, All You Need To Know:
For more information about personal loans in Egypt, including what to think about before taking out this type of credit and how Egyptian personal loans differ from other types of credit, spend 15 minutes reading our guide. At FUNDGECKO, we compile the most recent news regarding consumer loans and everything related to them.
The current market for personal loan
- The stability of the financial markets in African nations has been significantly affected by the protracted conflict between Russia and Ukraine. Being a sufferer, Egypt’s economic growth has fallen from 6.4% to 5.5% at the moment. As a result, food costs have increased, tourism industry intake has decreased, and other financial limitations have emerged.
- According to the Financial o Stability Review, the impact of the war caused financial losses of 130 billion EGP in a single year. It has additionally cautioned that things could get worse than even strong institutions can handle if the continuing Russia-Ukraine war continues to wreck the economy and supply networks, as economic losses will rise to 335 billion EGP.
- The war crisis has also led to an increase in lending rates from 8.5% to 9.5% by the Central Bank of Egypt. Future rates are not predictive as the war trends are uncertain. This has made consumer credits unaffordable to consumers. Similarly, banks are experiencing credit risks and reduced profits.
How to compare online loan offers?
Taking out a loan is a significant financial decision that could have a positive or negative effect on your financial situation. To avoid risk, it is best to stick with what would be practical. Personal loans are available from several lenders, and each of their proposals could seem alluring. It’s crucial to comprehend information filtering when you select the loan that best suits your needs.
Before choosing a course of action, some parameters must be specifically analyzed because they vary from organization to organization. You have to select a sorting criterion for the loan amount, interest rates, period of repayment, commissions, cost of the connections, and any other expenses.
Based on the project we wish to fund and the offer made by each organization, we can compare the entire cost of the simulations to determine which one is preferred.
How to use FUNDGECKO to get personal loans
Gaining a complete understanding of loans and how to select the best options available on the market is a crucial step that any borrower must take. At FUNDGECKO, we are dedicated to assisting our clients with every stage of the loan application process, including the necessary paperwork, any applicable credit rules, and any other conditions.
Below are the steps followed at our site:
- Compare the various lending choices that appeal to you. This action is chargeless.
- Examine the terms and conditions of the loan choice you select in great detail.
- To increase your confidence while you apply for a loan, our team is always available to help dispel any doubts you may have and respond to any inquiries you may have throughout the journey. By selecting “contract,” you will be taken to the organization’s website, where you can start the application process with the assistance of our team of professionals.
- Our website offers a comment section where our grateful customers can leave feedback regarding our services.
Why do you look for personal loans?
A personal loan is a dependable source of money that you can use to cover a range of expenses, such as going on a retreat, purchasing a smartphone, or completing a task that has been put off. Regardless of the goal, it’s important to check with your lender to see if any loans are particularly intended for different applications and whether they have better terms that are more flexible to comply with.
Personal loans are multi-purpose and can be used for:
- Emergency expenses
- Debt reconciliation
- Renovating your home structure
- Vocational trips
- Making impulsive purchases
- Financing your academics
- Buying kitchen equipment
- Paying medical bills
- Buying electronics and other machines
- Buying a car
Generally speaking, the terms of generic loans are worse than those made for a specified purpose. They usually provide bigger loans with longer repayment durations and lower interest rates than generic ones.
How to apply for a personal loan?
The application procedure for personal loans is frequently the same regardless of who you are borrowing money from. It’s significant to remember that some entities could be complicated. One institution might, for example, require you to submit a paper application, whilst another would permit you to submit an online application.
What steps are you likely to follow with personal loans in Egypt?
- Choose at least three attractive entities, then inquire about their circumstances. To decide which of their terms and conditions is best for you, compare them.
- The organization will send you the application form either electronically through their application or they may ask you to physically visit their offices to submit it. Before returning the form to the lender, choose your desired terms (amount, length, and purpose) and fill out all the blank spaces with the most precise personal information.
- If everything goes as planned, the lender will send you a pre-approval notification for the online application and the paper application 48 hours later.
- Make sure you deliver all of the documents requested by the entity, whether you upload digital images, scan them, or deliver them in person to the entity’s office.
- The business will provide you with a pre-contractual document after accepting your application, which you must read. You can learn more about the contract’s terms and conditions, as well as any potential revisions, by carefully reading it. You will be prepared for any future payments in this way.
- If you accept the terms of the contract in their entirety, accept the offer. You’ll need to use a digital signature to sign the online application.
- Receive the funds. Disbursement occurs within the agreed period
Requirements for personal loans in Egypt
All Egyptian lenders of personal loans will impose the same standards on all borrowers. It is not enough to know how to apply for a loan; you must also adhere to all requirements set forth by the lender to reduce the risk that your application will be rejected.
Below are the must-meet requirements:
- Be of legal age, Most lenders in Egypt will offer loans at the age of 21 to 25 years. Applicants of 18 years are considered minors.
- Egyptian resident. This is irrespective of your nationality status. Most entities require you to provide an Egypt residence permit which can be permanent or temporary.
- Income stability. Borrowers with stable income sources are more eligible for these online loans unlike those without a constant reliable source of income. Lenders will therefore assess your income to gain the confidence to lend you money.
- Positive credit history. While some organizations will finance you despite having a bad credit history, the majority of organizations will automatically reject your application if you are listed as a poor borrower in the debt Clearance Credit Register.
By reading the contract documents, you can fully understand the loan’s terms and conditions. For instance, whilst one organization would require that you maintain your residence permit for a period longer than six months, another might offer you financial support regardless of how old your permit is.
Documentation for applying for a personal loan
Your entity requires proof of your eligibility for the loan you are taking out. The information on the supporting documents and the application form must agree upon for the application to be accepted.
Which documents must you have?
- Prove of identity either ID or Passport
- Letter from HR if employed
- Bank o statement showing income and expenses
- Payslips to show income received in the last three months
- Tax compliance certificate or approval
- Document showing loan purpose
Who grants personal loans in Egypt?
Banks have a firm grip on Egypt’s economic situation regarding consumer loans. However, a large number of non-banking institutions entered the market before the financial crisis developed. Banks continue to hold a larger share because of the thoughtful financial products they offer to the markets. This has made these lending institutions compete among themselves.
Entities that grant personal loans:
- Bank entities
- Credit Financial Institutions (CFE)
- Private Lenders
- P2P Lending Platforms
Financing through banking institutions
- Flexible loan amount
- Wide range of products
- Longer repayment terms
- Friendly interest rates
- Many related products hence time consuming in making analysis
- Long and complex application procedure
- Seniority is a determining factor
- Commissions and attached charges are expensive
- Complex eligibility criteria
Financing through Credit Financial Institutions (CFE)
- Unlimited loan purpose
- Seamless application procedures
- Fewer attached fees and commissions
- Fast concessions
- High-interest rates
- Loan limits are limited
- Complex eligibility criteria
- They can operate only through stores or dealerships
Financing through private companies
- Laxer application process
- Fast approval and payout
- Seniority is not a limiting factor
- Expensive with high-interest rates
- Unfavorable repayment terms
- Credit history is not a limiting factor to approval
Personal Loans through P2P Platforms
- Favorable loan terms and conditions
- Diverse financial products
- Not affected by seniority
- Numerous financial products
- Hiring procedure is time consuming
- Unfavorable to short-term borrowers
- Loan approval is complex
- Limited as only a few platforms provide loans
FAQ: Frequently Asked Questions
What is a personal loan?
A personal loan is a type of credit that is taken from a bank or other lending institution to repay the amount borrowed plus accrued interest over a defined period and in mutually agreed-upon monthly installments. You can use the money from a personal loan in Egypt for a wide range of items, including paying for your education, completing a project, buying a car or home, or remodeling your property.
Why don’t you give me personal loans?
It is quite simple obtaining personal loans. However, there are a variety of reasons why a lender can reject your loan application. There may be inconsistencies in your application form, bank statements, and other supporting documents, and you might be carrying too much debt or not making enough money to sustain yourself. Your loan eligibility may also be restricted by having a poor credit history, inconsistent income, and bad financial habits.
What is the INE form for a loan?
This is a formal document sent to the borrower by the lending company during the loan application procedure. The contract terms, including sums, interest rates, repayment schedules, commissions, and all other associated fees, are contained on the INE form.
What is the binding offer of personal credit?
A binding offer is a document outlining the terms of the loan and which you must carefully study when evaluating your options. If the entity makes a binding offer to us, we are given a minimum of fourteen (14) calendar days so that we can review the offer and compare it with other loan offers without giving up the existing offer.
Can personal loans be paid in advance?
Consumer loans may be repaid early in full or in part following Egyptian law. In any case, you’ll be required to repay the loan along with any accumulated interest. To avoid making financial mistakes, you must also notify the lender in advance if you decide to repay the loan. Depending on the loan institution, you can be required to pay an early repayment penalty or a subsidized amount.
What if I take out a loan online and then regret it?
We occasionally find ourselves in a situation where we must take out loans, but we later regret doing so for a variety of reasons. Such withdrawals are permitted under Egyptian law for the first 14 calendar days without incurring any fees. Withdrawals made after then are subject to fines and penalties.
What happens if I don’t pay back a personal loan?
Loan default has consequences because it is a rejection of your responsibility. Your credit history will first be harmed if your lender decides to take legal action against you because you will be marked as a risky borrower at the Central Credit Register and you might even go to jail. Because of the damage to your credit history, you won’t be qualified for any loans moving forward. As a result, it’s a good idea to borrow only as much as you can afford to pay back to avoid financial hardship.
When to Apply for a Personal Loan
A personal loan can be useful when you need to finance a project but don’t mind waiting or receiving it from a different company. The best personal loans are offered by the aforementioned businesses, whose websites may be accessed by people who speak English. To prevent financial misuse, always assess your circumstances before applying for a loan when you need the money.
Egypt is widely known for providing loans to foreign nationals who reside there. The application procedure is straightforward and accommodating if the applicants meet all requirements.
When to Apply for a Fast Loan
A short-term loan is a type of financing that provides capital during times of need. You could have to take care of any other pressing commitments, combine your debt, or make a full payment on a medical bill.
However, because of their quick and easy application process and looser qualifying standards, fast loans may entice you into taking on excessive debt. These loans are expensive because of the high-interest rates and quick repayment terms. It is advisable to stop making payments on these loans if your demands are not urgent to prevent bankruptcy.
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.