|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|Banque Misr - Salary Loan||Minimum Salary: EGP 500||Salary Transfer: Yes||Islamic Finance: No||Maximum Term: 5 Years||Flat Rate: 7.5%||Reducing Rate: 13.5%|
- No guarantor required.
- The loan applicant has to be older than 30 years and younger than 65 years by the end of the loan duration .
- The loan applicant needs to have been at their current employment for at 3 Months.
- The loan’s maximum limit is 25 times of the monthly revenue of government and public employees, and 15 times of the monthly revenue of private and investment sectors’ with a maximum amount of LE 500,000 .
- The monthly installment should not exceed 50% of the employee’s monthly revenue .
- The maximum loan duration is 5 years
- The loan is granted when the applicant agrees to have their monthly installments directly deducted from their monthly salary .
- The loan includes an insurance policy against death and total disability .
** 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.