Individual Car loans FAQs
Who is eligible for a Individual Car Loan with Mashreq?
Our Car loan facilities are available to all Salaried & Self Employed Nationals & Expatriates who are legal residents of the Egypt.
What is the minimum /maximum age required to apply for a Car loan ?
For Salaried Customers - Minimum Age 21 years - Maximum Age 60 years on the maturity of the loan.
For Self Employed Customers - Minimum Age 21 years -Maximum Age 65 years on maturity of loan
What is the maximum borrowing amount ?
For Salaried and Self Employed the borrowing amount is upto EGP 750,000 based on your requirements. You have to make a down payment depending on the car model and/or your employment / business status.
What are the interest rates?
The interest rates are extremely attractive & competitive. Rates are calculated on a reducing balance basis, but are quoted at a flat interest rate for easy understanding by customers.
Is there any security required to avail the loan?
Your vehicle will be mortgaged to the bank during the period of the loan as security.
Are there any Special features ?
- You do not need any guarantors for Car loans.
- You get the most competitive interest rates in the market and the minimum possible documentation.
What are the benefits of taking the car loan with Mashreq ?
In additon to the Car loan
- Free Current account with zero balance for the life of the loan
- ATM card
- Free cheque book facility
- Free online banking
What is the maximum repayment tenor?
It is your choice depending on your ease of payment. Repayment tenures start from 6 months and can be extended up to 72 months.
What is the minimum salary/income required to qualify for a Car Loan?
For Salaried a minimum net monthly salary of EGP 2000 is required. For Self Employed or Professionals the minimum should be EGP 5,000 a month.
What is the minimum loan amount for Car loans?
The minimum loan amount is EGP 10,000.
What documents do I need?
| Documentation Required | Salaried | Self Employed | Professionals |
|---|---|---|---|
| Application form | Y | Y | Y |
| Valid Passport with residence visa page for Expatriates | Y | Y |
|
| Salary Certificate (Issued in last 30 days) | Y | ||
| Trade Licence copy | Y | Y | |
| Power Of Attorney (POA),In case of LLC – Memorandum of Association (MOA)or Article of Association, Partnership agreement. | Y |
| |
| Latest 12 months bank statement ( Mashreq a/c not required ) | Y | Y |
Can Car loans be taken jointly?
Yes, Joint Borrowers can take car loans.
- Permitted for Husband / Wife can be joint borrowers or joint incomes can be taken for loan calculation.
- Minimum Income for the joint borrowing is EGP 2000.
How does Mashreq communicate the approval ?
Our Sales officer will inform you about the status of the loan. An approval letter or Local purchase order (LPO) will be sent to the dealer or seller. Once the LPO is issued you need to compete the formalities within 30 days of issuance.
Where do I go to apply?
Our Mashreq Sales officers are present at most of the authorized car dealers/showrooms. They will assist you in completing all the formalities. For more information please call our call center on 19677 or visit any Mashreq branch.