Why borrow from your friends when you can get a bank loan?

Why borrow from your friends and family and run the risk of being gossiped about (you and the business you need the money for) when you can borrow from the bank without all the hassle? Banks allow you to borrow with pre-specified conditions according to your needs and the loan itself. The loan and the payment plan differ from one bank to another which gives you a lot of choice.

Banking products that lend you money:

Credit cards:

Credit cards are not linked to a bank account. You can withdraw any amount within the card’s limit which becomes a debt you have to pay plus interest back to the bank. Payment must be within a certain period of time called the grace period -usually between 45 to 58 days- according to each bank.

An advantage of credit cards is that you can use it for your online transactions as well as regular ones plus most banks offer discounts if you frequent one of their partner merchants.

The best credit cards in Egypt when it comes to the grace period (up to 58 days) are offered by four banks:

SAIB, Arab Investment Bank, MID bank, and Ahly United Bank

Another six banks have a 57 day grace period; they are National Bank of Egypt, Banque Misr, QNB, Suez Canal Bank, Arab Bank, and Emirates NBD

Compare between the different credit cards on our Faydety

Apply for a credit card through Faydety in minutes

Loans:

There are many types of loans you can get from banks depending on your needs (this also determined the loan’s collateral)

Personal loan:

A personal loan is a method of financing a personal agenda like a wedding, a trip, or having a baby, etc. You have to pay monthly instalments plus an interest fee that differs with each bank and also depends on the loan amount. Banks determine the possibility of a loan based on salaries, financial dossier, and the applicant’s ability to repay the loan.

Unlike other loans personal loans do not require collateral

You can find all the details including how much interest each bank adds by using Faydety’s personal loan calculator

Car loans:

They are loans to purchase a new or used car. Each bank offers their own type of car loans and the collateral is the car itself. Payment plans are usually in the form of monthly instalments plus interest according to the agreement with the bank. 

You can find out if you are eligible for a car loan by using Faydety’s car loan calculator

Real estate loans or property loans:

Also called a mortgage, a real estate or property home loan is a type of loan specifically to purchase a property of some kind. The property in questions becomes the loan’s collateral and sometimes property loans are offered by the real estate companies themselves with certain stipulations

Use Faydety’s mortgage loan calculator to find out the best type for your needs and capabilities