Bank loans in Egypt

Priscilla

ViP

Member since 30 May 2013

Priscilla

22 August 2018 11:42:32

42358

Priscilla

22 August 2018 11:42:32

42358

Hello,

Finances and banking can sometimes be a headache for many expats, especially when it comes to taking out bank loans.

Is it difficult for an expat to get approved for a bank loan in Egypt?

What are the types of bank loans available for expats (mortgage/bonds; business loans; car loans; personal loans; student loans)?

What are the general conditions for expats to take out bank loans (interest rates; timeframe to repay loans, etc.)?

Which bank in Egypt is the most popular or accessible for expats regarding loans?

Would you normally require the services of an accounts manager at the bank in order to facilitate the process of taking out a loan? Is this service free of charge?

What would happen in the case of an unpaid loan if you have to repatriate back to your home country or move somewhere else?

Are there any other options for loans aside from the bank in Egypt, such as taking out a loan from your bank in your home country, or other types of companies not affiliated with banks, that give out loans?

Thank you for sharing your experience.

Priscilla

khatukhatu

Member

Member since 27 July 2018

khatukhatu

27 August 2018 15:58:09

khatukhatu

27 August 2018 15:58:09

Based on my experience expats are not eligible to have credit cards even. I assume no loans or mortgages are available to them.
Opening the account is also not easy. I work for very credible large corporation and it took me three months to get the checking account.
CIB seems to be the most popular and little advanced bank, though its very slow on services

Sotobus

Member

Member since 01 December 2017

Sotobus

27 August 2018 21:24:37

Sotobus

27 August 2018 21:24:37

Hi,

Okay, yes as some has mentioned is not easy to have loans or credit cards, but this are the requirements:

HR Letter
Residence for at least a year

For either loan or credit card, there should be a time deposit for a bit more of the amount required for the loan, or for example the credit card will be up to 90% of the amount of the time deposit

This is in CIB and i believe it works similar on other banks,

The banks that are more supportive for expats, are CIB, HSBC, for what i tried

Hope this helps...