The Best Personal Loans in Morocco

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 Morocco, Everything you need to know.

Attijariwafa Bank

  • Flexible loan limit depending on salary income
  • Loan repayment period of up to 10 years
  • Competitive interest rates of up to 7.6% p.a
  • The fast online application process
  • Excellent loan conditions
  • Applicable to borrowers with income
  • Requires collaterals for secured loans
  • Offers loans for various purposes

Bank of Africa- BMCE Group

  • Get a loan of up to MAD 250,000
  • Offers a maximum loan tenure of 72 months
  • Attractive interest rate of 4.29% p.a
  • Fast online application process
  • Does not allow transfer outside the country
  • Simpler loan eligibility criteria
  • Fast concession 
  • It excludes loan processing fees

Arab Bank Morocco

  • Applicants’ incomes determine the loan limit
  • Fast and digital online application process
  • Competitive and fluctuating interest rates
  • Long repayment period of up to 120 months
  • Offers a grace period of 90 days
  • Offers a loan buyout facility
  • Less strict requirements
  • Excellent loan conditions
  • Fast concessions

Personal Loans in Morocco, All You Need To Know:

Take an all-around view through our guide on personal loans. This process is offered for free. At FUNDGECKO, we help you acquire all the factors you’ll need to put into consideration before taking out a personal loan in Morocco. We, therefore gather all the information about banking in Morocco, the current interest rates for personal loans, and other factors that are currently affecting consumer credits in Africa

The current market for personal loans

Regularly, we bring you the latest news updates about consumer credits and any other factor affecting financing in Morocco. 

  • Morocco has just gained recovery from the Covid-19 effects and before gaining stability, the Russian-Ukraine crisis pops into the economy. The Russian invasion has affected the economic market by widening inflation gaps due to high food and commodity prices. Government subsidies offered on products have also been reduced as the government struggles to fix inflation challenges.
  • The Bank Al-Maghrib has proved that 70% of all loans offered in Morocco are personal loans and it’s respected to rise higher as many consumers venture into personal loans
  • The Central Bank of Morocco has increased the average lending interest rates by 2% to accommodate the rapid inflation and economic instability due to war effects

The war exacerbated the economic recovery and delayed the stabilization of financial markets and systems. This war effects make consumer loans a little more expensive in Morocco 

How to compare online loan offers?

Making comparisons between several possibilities is one technique to find the best commodity. You can choose the best deal by choosing a few personal loan choices you’re interested in and comparing the terms. However, this only occurs if we are aware of the comparison criteria to employ, such as loan limits, interest rates, link costs, fees, and repayment terms among others.

These parameters differ from one organization to the other. Borrowers should therefore analyze all these factors before settling for an option.

By performing different simulations according to our loan purpose and the offers made by each entity, we can determine the most viable loan option that best fits our financial needs.

How to use FUNDGECKO to get personal loans

At FUNDGECKO, we are passionate about providing all the information about the terms of operation and conditions of different financial offers. This is all it takes to take out a loan like a pro.

Steps you’ll take at our website:

  1. Select a few offers that you’re attracted to and compare them for free
  2. Read through the contract files thoroughly as you note down their terms and conditions
  3. The FUNDGECKO forum will come in to help you clear any doubts you might have developed along the way
  4. Clicking on “contract” will transfer you to the specific loan’s website from where you can follow the application process.
  5. Our website also has a comment section where our happy clients are given a chance to pen their comments about our services.

Why do you look for personal loans?

Personal loans in Morocco cover 70% of the total loan options provided. This is because of the wide range of purpose covered by personal loans. They can be used to; make big purchases, finance your career, clearing medical bills, among others.

Be sure to look for the terms and conditions set for each offer. 

  • Making big purchases
  • Emergency financial expenses
  • Financing your studies
  • Debt consolidation
  • Financing your vacation
  • Financing your projects
  • Financing your business trip
  • Financing your car
  • Financing electronics purchase
  • Buying a computer or smartphone
  • Renovating your house and kitchen compliance

Depending on the reason we’re borrowing the money, the terms may change. However, organizations have created loans for particular uses, which typically have better terms than personal loans for the same use. A personal loan taken out to pay for your studies has limited terms to a student loan, for example. Consult the organization, as a result, to choose which loan offer is superior.

How to apply for a personal loan?

The method of applying for personal loans online or in person depends on the preference of the business. The procedure for obtaining a personal loan in Morocco has some common steps regardless of the organization. They include

  1. Select three or more loan options that interest you, then inquire about the terms and conditions of each option. This allows you to obtain a loan with the terms and functionality that best suit your needs.
  1. Upon receiving the application form, select your preferred amount and repayment term. Be sure to fill out the form with personal data that corresponds to your bank account details to reduce the chances of your application being rejected.
  1. Receive pre-approval instantly for the online application and after 48 hours for the physical mode. 
  1. Provide all the documents required. This will help the lender assess your financial situation and approve that you meet all the requirements they’ve set. Failure to send a single document places your application at risk of being dismissed.
  1. Go through the pre-contractual information you receive, noting down the smallest of details about the loan offer including amount, term, interest, commissions, etc.
  1. Sign up for the contract if you’re in full agreement with the conditions of the offer.
  1. Receive the funds in minutes for the online application and after 48 hours for the physical mode. This, however, may vary with entities.

Requirements for personal loans in Morocco

After getting the best available offer, the next step is to check out the entity’s requirements to qualify for it. While some entities have unique requirements, the fundamental requirements for personal loans are generally the same.

  • Be of legal age. The legal age in Morocco is 18 years though some lenders would prefer applicants 21 years and above.
  • Be a resident of Morocco. This applies to both natives and ex-pats. The lender will require you to hold a residence permit whether temporary or permanent. The conditions for either of the permits vary with entities.
  • Collect sufficient monthly income. This proves to the lender that you’re able to afford the loan repayment. Different entities place different ranges of income requirements.
  • Have a healthy income-to-debt ratio. Lenders will dismiss your application if you haven’t cleared your previous loans with other entities.

Make sure you take out loans that are tailored to your needs and have the best terms if you want to have a healthy level of debt. The process of repaying an expensive debt will be difficult. Take out a loan that will cost between 35 and 40% of your monthly wage to repay each month.

Documentation for applying for a personal loan

The lender will ask you for certain documents to confirm that you meet the requirements outlined in the previous section. 

  • Identity proof. copy of your ID card or passport
  • Bank statements that show your expenses in the previous months and income
  • Documents showing your latest income tax return
  • Documents showing your last three monthly salaries or incomes
  • Documents showing your purpose for taking out the loan or the budget of your project. 

Entities either request more documents or lesser documents. The organization already has a lot of your information and will utilize online verification to authenticate your application if you are taking out a loan from a bank where your income and receipts are domiciled.

Who grants personal loans in Morocco?

Another nation where lending had been controlled by banks in Morocco. The environment shifted during the financial crisis of 2008, which opened the door for the entry of new platforms and lending firms into the financial markets. Many Moroccan lenders have so far been reliable and efficient with businesses, and some even provide loans with more favorable terms than banks.

Entities that grant loans in Morocco:

  • Bank entities
  • Credit Financial Institutions (CFE)
  • Private Lenders
  • P2P Lending Platforms

Obtain financing through banks

  • Access to big loans
  • Offers a variety of products
  • Attractive interest rates
  • Long repayment terms
  • Many additional fees and commissions
  • Seniority is a determining factor
  • Processing of funds takes time

Credit Financial Institutions (CFE)

  • Fast processing of funds
  • Loans available for a variety of purposes
  • Few additional costs and commissions
  • Low interest rates
  • Strict eligibility parameters like bank loans
  • They only operate through stores or dealerships

Getting loans online with private companies

  • Less stringent eligibility criteria
  • Fast processing of funds
  • Seniority is not a factor of consideration
  • Expensive due to high interest rates
  • Can sink you into over-indebtedness if not taken out wisely

Personal Loans through P2P Platforms

  • Fast and 100% online application
  • Top loan conditions
  • Absence of related products
  • Strict eligibility requirement
  • Few platforms that give loans to individuals
  • Slow processing of funds

FAQ: Frequently Asked Questions

What is a personal loan?

A personal loan is a kind of consumer credit that is obtained to meet a particular need. The loans are intended to be used for several things, including consolidating debts, buying electronics, paying an unforeseen medical expenditure, buying a car, buying new appliances, buying machinery for your business, and clearing other obligations.

Once taken out, the borrower is obliged to repay the loan under the agreed-upon terms and conditions. Hence, the loanee will be required to repay the principal amount they took out, the accrued interests, and any other additional charges.

Why don’t you give me personal loans?

When facing an economic emergency or in need of an immediate financial fix, personal loans are a quick and reliable source of funding. Note that even if applicants complete all conditions, the lender is never obligated to offer to finance to them. However, if you don’t fulfill all the conditions they’ve stated for the offer, the majority of lenders will reject your loan application. You might not hold a residence permit, have an unhealthy amount of debt, have insufficient monthly income, or not supply all the necessary supporting documents.

What is the INE form for a loan?

The INE form is a document that we receive from the lender that details all the conditions of the loan offer we’re committing to including the interest rates, repayment period, amount, APR, commissions, and possible insurance, among others. 

What is the binding offer of personal credit?

We have at least 14 calendar days after we get a binding offer from an entity to compare freely the terms and circumstances of alternative loans without forfeiting the current offer.

Can personal loans be paid in advance?

Borrowers are permitted by law to make early loan repayments in full or in part. However, this will only be successful if the loanee tells the lender well in advance of the payment. According to the company, this could also result in early payback fines.

What if I take out a loan online and then regret it?

The Moroccan Law allows borrowers to withdraw their loan application in the first 14 calendar days. Only within the safe days is one able to withdraw the loan without attracting any penalties. 

What happens if I don’t pay back a personal loan?

As stated above, a loan is a debt that you must pay back per the terms specified. You won’t be able to get a loan in the future if you disobey the rules and don’t pay back the loan. Additionally, the organization might decide to sue you, which would cost extra money because you would have to pay for the damages.

When to Apply for a Personal Loan

A personal loan is a quick financial product that helps us meet our personal needs. You may get a good personal loan if you’re free to compare different entities and take out a loan from a company that’s different from your bank.

This helps you end up with a loan that’s most compatible with your situation and one that won’t make it hard to repay.

Personal loans are given out for many purposes and are available to ex-pats who meet all the set requirements.

Wrapping Up

The obligation to repay should be assumed when taking out a loan. Avoid taking out debts that you anticipate will be difficult to repay. A decent loan should make your financial situation better so that you can comfortably make your monthly payments and pay off all of your associated debts.

About this page, our methodology

What this page is for: We are an informational website that focuses on giving you access to a variety of financial product information. Therefore, before applying for a loan, we coach you on how to compare several economic elements. We also give you the analytical abilities necessary to become financially solvent.

Source: The information regarding consumer credits in Morocco and how they are regulated is drawn from The Moroccan Capital  Markets Authority, The Central Bank of Morocco among other reference portals.

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 FUNDGECKO: We are a team of professionals committed to helping you make straightforward financial decisions affecting your financial needs. We offer trustworthy and validated information that enables you to contrast the best financial options available. In addition, we offer simpler procedures for choosing the choice that best suits your needs and peculiarities.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.

Similar Posts