| Minimum Salary | Salary Transfer | Early Settlement Fees | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Arab African International Bank - Auto loan
|
Minimum Salary: EGP 0 | Salary Transfer: Yes | Early Settlement Fees: - | Maximum Term: 7 Years | Flat Rate: 6.67% | Reducing Rate: 12.0% |
AAIB offers the most competitive Auto loan program in the Egyptian market. Packaged with maximum benefits and services tailored to add value to our clients.
Features & Benefits:
- Highly competitive interest rate
- Minimum loan amount EGP 22,000
- Maximum loan amount EGP 1,000,000
- Flexible loan amount up to 84 months ( 7 years )
- Down payment as low as 10 % of the car value
- Free life insurance for the whole loan tenor
- Variety of car insurance companies to choose from
- Finance up to 3 new cars per individual provided income criteria is met
- Deferral of up to three installments per year
- No power of attorney is required
- No keys to be kept in the bank’s custody
- No guarantor is required
- Loan amount can extend up to26 multiples of monthly income
- Opening an account with AAIB
- Loan applicant’s age should be above 21 and below 65 at loan maturity
- Customers should be employed in current company for at least 6 months
- Salaried employees having their payroll with AAIB
- Salaried employees non-pay roll with AAIB
- Self employed
If you borrow EGP 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual profit rate of 4.6% you would pay:
Payment per month – EGP 297.50 | Total charge for credit – EGP 710 | Total amount you repay – EGP 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
