Egypt's anti-drug body launches new awareness phase in Maspero Triangle    Agiba Petroleum starts production from Arcadia-28 at 4,100 BOE/day    Minister El-Shimy pushes for stronger returns, partnerships in real estate, construction sectors    Apparel, textile chambers engage with Chinese delegation to explore investment opportunities in Egypt    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Obama calls for aid access to Gaza, says 'no justification' for withholding food    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Egypt's SCZONE eyes deeper investment, port digitalisation ties with Singapore    Egypt's gold prices slip slightly on July 28th    Egypt's Housing Min. reviews HDP marketing plan    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Arab African International Bank launches new line of lending products
Published in Daily News Egypt on 13 - 09 - 2012

The Arab African International Bank (AAIB) launched its Value Plus (VP) service, a secured loan package targeting various strata of customers.
“It's a bundle of products, each of which serves customers according to the capacity of their monthly payment," AAIB's Retail Manager, Himanshu Shrimali, told the Daily News Egypt.
The VP package's philosophy is based on combing savings and deposits to maximise investment returns. Sloganeering Save & Live VP package offers customers the option of keeping their savings invested while catering to their different needs according to their payment capacity.
The VP package consists of five different products; Standard Secured Loan, Bullet Secured Loan, 100 percent Secured Auto Loan, 120 percent Loan and the Zero-instalment Loan.
The Standard Secured Loan targets a segment of customers who are comfortable paying relatively high monthly instalments, Shrimali explained; it allows customers the option of acquiring up to 97 percent of the value of their Certificates of Deposit (CD) or Timing Deposits (TD) and settle them on the basis of equal monthly instalments.
The Bullet Secured Loan targets customers with lower payment capabilities. Customers are able to acquire up to 90 percent of their bullet CDs and only pay interest on monthly basis. The bank then collects the principal of the loan from the customer's CD by the end of the loan's tenor.
The 100 percent Secured Auto Loan is designed for customers who are borrowing to purchase automobiles. Unlike the conventional car loan, this product does not entail hefty loan costs and it preserves the customer's ownership of the vehicle, Shrimali explained. Customers can acquire up to a 100 percent of their CD, and pay lower monthly instalments as they're reduced by the monthly interest of the customer's loan.
The 120 percent Secured Loan is ideal for purchasing property. It allows customers to borrow up to 120 percent of their CD. “Unlike other kinds of loans, AAIB's customer who is applying for that specific product is not required to provide any sort of documentation or collateral, only their CD,' Shrimali said.
The Zero Instalment Loans is a product in which the loan instalment equals the CD's interest rate. Hence the customer does not make any payments. For example, if the customer's CD is worth EGP 100,000 at 10 percent interest rate, the customer can take up to a 56,000 loan over a ten-year period without paying any instalments.


Clic here to read the story from its source.