This product is an asset finance loan which offers credit facilities to employees of companies approved by the Bank to part-finance the acquisition of personal assets.
The assets are grouped into two categories namely: household assets and personal vehicles.
The Bank will finance 100% of the asset cost for household items, a maximum of 90% of the asset cost for new vehicles and 80% for fairly used vehicles
This product is an asset finance loan which offers credit facilities to employees of companies approved by the Bank to part-finance the acquisition of personal assets.
The assets are grouped into two categories namely: household assets and personal vehicles.
The Bank will finance 100% of the asset cost for household items, a maximum of 90% of the asset cost for new vehicles and 80% for fairly used vehicles
1. Maximum of 48 months depending on asset type as follows:
i. Household assets - 12 months.
ii. Specified fairly used vehicles - 24 months.
iii. New vehicles - 48 months.
2. Obligor limit: LE 20,000 for household items and LE 200, 000 for vehicles.
3. Repayment: From obligor’s monthly remuneration.
4. Pricing: Interest Rate: (Flexible) Base rate plus maximum of 8. 5 % p.a.
5. Fees: 2% comprising processing and Mgt fee of 1% each.
6. Equity contribution of 25% (minimum).
Benefits:
Customers would be able to acquire assets without pre-financing the purchase of these assets.
The Bank’s pre-financing of the bulk of the asset cost will reduce the pressure on the customer’s salary/income by eliminating the need for large capital outlays
