If you are a government or private sector employee whose employer transfers salaries to the bank through a written statement, you can obtain a personal loan from the Bank of Alexandria (AlexBank).
According to the bank, the payment period is up to eight years, with competitive interest rates and fees.
The minimum amount of financing is EGP 5,000 with a cap at EGP 1m. Clients can also obtain overdraft withdraw limits and a pre-approved credit card.
At the same time, the bank does not require a guarantor, and the customer receives free life insurance.
The bank stipulates that the minimum monthly salary of the client should be EGP 1,000 for customers residing in Greater Cairo and Alexandria, and EGP 700 for customers residing in other governorates.
The bank also requires that the monthly salary be transferred to it, and that the age of the client must between 21 to 60 years, and up to 65 years for judges.
In order to obtain this loan, the customer must provide a completed loan application form, a copy of their national ID card, a recent monthly salary payslip, updated telephone, electricity, or gas bills, and a salary transfer statement of no more than three months.
AlexBank also provides these loans to Egyptian and foreign customers working in companies operating in Egypt provided that the financing premium is transferred directly to the bank, without transferring the full salary.
