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Need to Take Out A Loan? How To Choose The Bank

Publish Date: 19 Nov 2020

Money Tips

Need to Take Out A Loan? How To Choose The Bank

How to choose the Right Bank for your loan?

There are many types of banks in Egypt, and each offers different loan options. Moreover, their interest rates differ as well. These differences may be quite significant at times, which begs the question; which is the right bank for you if you need to take out a loan? Here, we will outline what you need to consider to make the right choice and obtain a loan that matches your needs.  


1- Consult the bank where your salary is transferred:


If your salary is transferred to a particular bank, it may be helpful to ask whether your place of employment has a special interest rate in place. This will save you a lot of trouble in terms of bureaucratic procedures as they already know who you are and, thus, will not require much paperwork from your side.


2- Search for a bank that offers specific loans for your occupation:


If you are a doctor, engineer, or any professional occupation of the sort, you may find that certain banks have special loans for individuals in your profession. Depending on the specifics of the loan, you may be offered a lower interest rate, favourable payment plans, or you may not even be required to pay any administrative expenses. All of which are very much in your favor.


3- Compare the required documents of different banks:


Each bank will require different paperwork depending on the bureaucratic procedures of each institution. This will undoubtedly affect your decision. A piece of advice would be to check out a bank where you have most of its required paperwork already on hand; that way, it is less of a hassle for you. Need some help with the comparison of the necessary documentation for different banks? We’re here to help! Check out Faydety’s Loan Calculator to compare the details of loans at various banks across Egypt along with the required paperwork for each.


The percentage of administrative expenses of a loan is not large; it is still an expense that will be deducted from the loan amount that you receive


4- Compare between interest rates


Interest rates change every so often, and that’s where we come in! Faydety’s Loan Calculator will quickly and easily allow you to compare different interest rates at various banks, taking into consideration any changes that may have taken place.


5- Compare between administrative expenses:


Although generally speaking, the percentage of administrative expenses of a loan is not large; it is still an expense that will be deducted from the loan amount that you receive. Therefore, if you were to take out a large loan amount, you may end up feeling the impact of these expenses. We advise you to think carefully and using  Faydety’s Loan Calculator, make an appropriate comparison, choose a bank with low administrative expenses, and, accordingly, the most suitable loan for you.


6- Choose a bank branch close to you:


Convenience is everything. The location of your bank branch could make all the difference to you. Choosing a branch that is close to home or place of work will save you a lot of time and hassle in your daily life.


Apply now to the Personal Loan you need easily in few minutes with Faydety.


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