Al Baraka Bank – Car Loan
Features & Benefits
- Albaraka Car Loan up to EGP 1,000,000 for new cars
- Flexible repayment plan for up to 5 years for used cars and 7 years for new cars
- Competitive interest rate
- Finance up to 75% of the car price for used cars and 80% for new cars
- A cheque will be delivered to the authorized dealer from the bank
- The finance plan is compliant with Islamic Sharia
- 20% down payment required for new cars
- No grantor is required
- Receiving a reward in case of the early loan settlement
- Monthly instalment is less than 40% of the gross salary
Eligibility & Documents Required
- Minimum age 21 years old for salaried employees, Maximum 65 years
- Car price quotation dated and with car specifications from an approved list of authorized dealers
- Copy of valid national Identification card
- Valid driving licenses card
- Recent utility bill (gas, electricity, water, telephone)
- Ownership contract for the current residence
This is a representative example of what it may cost: 18% APR Representative based on a loan of EGP 100,000 repayable over 48 months at an interest rate of 18% pa (fixed). Monthly repayment of EGP 2,868. Total amount payable EGP 137,676.
