|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|EGBank - Durable Goods Loans||Minimum Salary: EGP 1,500||Salary Transfer: No||Islamic Finance: No||Maximum Term: 5 Years||Flat Rate: 0.0%||Reducing Rate: 0.0%|
- Loan amount up to EGP 120,000
- Loan tenor from 6 months to 60 months
- Life insurance throughout loan tenor
- Copy of valid national ID
- Recent utility bill (within three months)
- Durable goods Price quotation
- Proof of income
- Payroll/ Salary/ Installment Transfer Customers: Customer’s company agreed to transfer salary/ installment
- Self-employed/Professional Customers: Recent commercial register, tax card, last 6 months bank statements and certificate of the profession for professionals
- Non Salary / Installment Transfer Customers: Authenticated HR letter or HR letter & 3 months bank statement
- Minimum age 21 years up to 60 years at loan maturity for salaried clients and reach up to 65 years for self-employed and professionals
** 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.