When is the instalments' deferral initiative going to end for my postponed Personal Finance?
Please check your finance account through your online banking for the exact date.
Why have my outstanding principal, my finance end date and my instalment amount changed?
In order to comply with the Central Bank of Egypt's regulations, we had to distribute the amount of accrued interest calculated over the past 6 months, where your instalments were postponed over the remaining finance tenor. Thus, we had to add the accrued interest amount to your principal outstanding finance value and increase your finance end date by 6 months. We have also decreased your interest rate so we don't charge you interest over the added accrued interest.
Why was my instalment amount increased?
Your instalment amount was increased to cater for distributing the amount of accrued interest along with your monthly regular "previous" instalment amount. This is done as per the Central Bank of Egypt’s instructions to all banks.
Why did you calculate interest on my finance, the finance should be suppressed without adding any extra amounts?
As per the Central Bank of Egypt's instructions to all banks, the interest should continue to be calculated on the facilities during the 6 months' suppression period and to be collected after the end of the suppression equally distributed on the remaining tenor, noting that there were no penalty fees or charges calculated on your suppressed finance during the suppression period.
I have a variable rate personal finance, what will happen to the interest rate, will it remain fixed or will it change whenever there is a change in the Central Bank of Egypt’s rate?
Since your finance is a variable rate one, any future changes in the Central Bank of Egypt's overnight rate will be applied on your finance as per the finance terms and conditions.
What if I can't pay the new instalment, what will happen to my finance?
We can provide a relaxed re-payment schedule along with other solutions to help alleviate your current financial distress. Please visit your preferred branch, for further handling for your case.
Was my I-score report affected due to the postponed instalments?
Your I-Score report will now show the new details of your finance.
There is absolutely no negative impact on your I-score report due to the postponement of instalments; hence, no delay was reported that might result in reporting any excess days.
My finance is granted against instalment transfer, what is required from my end to be able to pay my instalments regularly?
We have managed to inform your employer with your new instalment amount, for them to arrange transferring this new amount going forward.
Can I apply for a new finance, what will happen to my existing finance?
Yes, you can apply for a new finance by topping-up your existing finance, subject that your Debt Burden Ratio (DBR) calculations allows, in addition to meeting the granting criteria of the new finance.
If your application is approved, your existing finance will be closed and a new one will be opened with the total amount of the old finance and the new one.