ALEXBANK retail customers choosing the “Variable Rate Option” for their Personal Loans saw their monthly installments amounts decreasing by an average of 10% during 2018 and 2019
Cairo, Egypt, 17 September 2019 - During the last month, the Central Bank of Egypt further reduced the reference interest rates by 1.5%, after the large decline of inflation during the last period. This reflected positively also on ALEXBANK’s retail customers choosing the option of “Variable Rate” for their personal loans, which is available at ALEXBANK since 2016.
ALEXBANK offers its retail customers “Variable Rate Personal Loans” for amounts up to EGP 1.5 mln with the longest payment period available in the Egyptian banking sector as for specific purposes it can reach up to 12 years, and affordable repayment plans.
Sherif Lokman, Head of the Retail Banking and SMEs Division at ALEXBANK commented: “The positive effects of the economic reforms program are giving huge confidence on the Egyptian economy’s outlook and are supporting the softening of the inflationary dynamics and the progressive interest rates decrease. We believe that retail customers should look with interest into our Variable Rate Loan products that link the applied interest rates to the evolution of the official rates, taking 100% benefit from this period of interest rates decrease. We are happy for our more than 60,000 customers who took the opportunity and now the benefit, being their monthly installments reduced by an average of 10% throughout 2018 and 2019 thanks to the decrease of interest rates during the period.”
Established in 1957, ALEXBANK is today one of Egypt’s leading private sector banks, participated by the Intesa Sanpaolo Group since 2007. ALEXBANK owns one of the largest private sector branch networks with a total of 176 branches located in every major Egyptian governorate employing over 4,500 individuals who proudly serve about 1.5 million customers, playing a vital role in Egypt’s economic present and future. ALEXBANK actively serves the widest spectrum of segments by providing value added financial products, services and solutions to Retail, Small Business, Medium and Corporate Enterprises. ALEXBANK is currently in the midst of a radical digital transformation aimed at providing our customers with the most unique of banking experiences, via our seamless multi-channel experience incorporating Internet & Mobile Banking, Cards, Electronic wallets, and the latest generation of point-of-sale & ATMs, all powered through the power of Big Data and empowered by key players in the Fintech ecosystem.