The Egyptian National Bank has revealed the details of its home loan offerings for customers. To be eligible, applicants must be Egyptian residents, at least 21 years old at the time of application, and no older than 65 at the end of the loan term or retirement age, whichever comes first. The maximum age limit is 75 years for retirees. Employment history requirements include a minimum of six months for private and government sector employees and 12 months for self-employed individuals and freelancers.
The home loan tenure ranges from 5 to 30 years, depending on the type of financing. The bank offers several benefits, including free account opening and credit inquiry fees. Customers also receive a complimentary life and total disability insurance policy, and there are no prepayment penalties. A 2% late payment fee applies to overdue installments. These terms aim to provide flexible and affordable financing options for homebuyers.
In addition to home loans, the bank has introduced a service allowing customers to instantly add inbound foreign transfers to their accounts. This service enables customers to receive international transfers in Egyptian pounds directly into their bank accounts, cards, or mobile wallets. This move is expected to enhance convenience and efficiency for customers with international financial transactions.
The bank's mobile payment service, Al Ahly Fon Cash, offers a range of features and benefits. Customers can use the service to pay bills, such as phone and internet charges, and perform various transactions like recharging mobile balances and booking flight tickets. The service also allows for cash withdrawals and deposits through a network of over 100,000 Fawry outlets, bank branches, and ATMs.
Al Ahly Fon Cash provides customers with additional functionalities, including the ability to transfer funds between mobile accounts in local currency. Customers can also link their bank-issued credit, debit, or prepaid cards to their mobile wallets for easy transactions. These services aim to provide customers with greater flexibility and control over their financial transactions.
The Egyptian National Bank offers a diverse range of credit cards designed to meet different customer needs. The bank's credit cards provide customers with the freedom to make purchases and withdraw cash worldwide. Online shopping is also secure, thanks to the bank's one-time password (OTP) service. The bank's credit cards come with competitive interest rates and flexible repayment terms.
Key features of the bank's credit cards include an annual percentage rate of 2.2% for secured cards and 2.55% for unsecured cards on purchases and cash withdrawals. Customers can also enjoy benefits such as the option to issue additional cards, automatic enrollment in the bank's rewards program, and the ability to repay purchases and cash withdrawals over 36 months at a competitive interest rate.
Key points
- The Egyptian National Bank offers home loans with flexible terms and competitive interest rates.
- The bank's Al Ahly Fon Cash service provides customers with a range of mobile payment options.
- The bank's credit cards offer customers a range of benefits, including competitive interest rates and flexible repayment terms.
