BanqueMisr offered on Sunday a new retail banking product—a personal loan granted only to customers with proof of income. The purpose of the new product is to meet the needs of all customer segments and to provide them with special banking services.
According to a statement by the bank, the loan procedure is simplified, as customers only need to submit a document proving their income or a bank statement, without the need of a pledge by their employers or salary assignment.
The maximum amount that can be lent through the new loan is EGP 500,000, with a maximum repayment period of six years and competitive interest rates.
Public servants and workers of public and private sectors can benefit from the new product. It also offers special programmes for the employees of banks, communication, oil, and petrochemicals companies, as well as self-employed workers, such as doctors, engineers, and pharmacists.