(DNE photo)
By Ahmed Batran
Rawaj Car Trading Company, affiliated to Arabia Investments Development Financial Investments Holding Co (AIND), is offering a 2% refund of loan value with car purchases during the Automech Formula Exhibition, taking place from 12-17 March, Rawaj Chairman Osama Mourad said.
Mourad affirmed that the company is always working on proposing new ideas and offers in order to attract a new base of customers and increase sales volume of the company.
He clarified that the automotive market is witnessing strong competition among companies on the one hand, and between companies and banks on the other, whereby each party seeks to offer its best to meet the customers’ needs.
He added that the company has different instalment plans, noting that the company allows clients to acquire car loans with no down-payment, and with a copy of the national ID.
He also said that the interest rates, speed of procedures, and the documents needed to acquire the loan play an important role in attracting customers, noting that the rate of interest at Rawaj is between 8.5% and 11%.
Mourad clarified that his company works on funding private cars only, and during the next period, it will seek to target trucks, under the expansion plans that the company is currently working on. He mentioned that Société Arabe Internationale de Banque (SAIB) is one of the biggest banks funding his company; owning a 10% share of it, while the remaining 90% is owned by AIND.
Rawaj’s authorised capital is EGP 100m.
Mourad previously revealed that the company has increased its capital form EGP 10m to EGP 30m; SAIB has paid its 10% share, as a prelude to increasing its capital to EGP 50m by the end of 2015, to raise the credit limit of the company to EGP 200m.
