Vehicle loan
The loan for the acquisition of a new passenger vehicle, produced or assembled in Algeria, is a short- and medium-term credit intended for individuals.
For whom it is intended?
Any natural person of Algerian nationality, who resides in Algeria and possesses legal capacity, and who is acting for private purposes, outside of any commercial, professional or artisanal activities, in order to acquire a property, and who has financial capacity.
Eligibility requirements:
To qualify for this credit:
- Any natural person of Algerian nationality residing in Algeria who possesses legal capacity and is acting for private purposes outside of any commercial, professional or artisanal activities and who has financial capacity.
- Provide evidence of self-financing equal to at least 10% of the price of the new vehicle or motorcycle to be acquired.
- Provide evidence of a stable and regular income equal to at least one and a half times the guaranteed national minimum wage (SNMG), with at least one year of activity.
Financing terms:
- Loan amount: It can reach up to 90% of the acquisition price of the new vehicle to be acquired, within the limit of 3,000,000 DZD. It is calculated based on the applicant's income and according to a repayment instalment that must not exceed 30% of the net monthly income.
- Personal contribution: The self-financing portion must equal at least 10% of the price of the new vehicle to be acquired.
- Repayment duration: The loan repayment period is between a minimum of 12 months and a maximum of 60 months. This duration is determined within the age limit of 70 years.
- Interest rate: The interest rate is determined by the general banking conditions in force.
- Loan repayment: Repayment is monthly and the instalments are calculated based on income. They consist of fixed instalments including principal, interest and taxes.
- Management fees: 4,000 DZD including taxes. See the general banking conditions in force for details.
- Application processing fees: 0.5% of the requested loan amount (minimum 1,000 DZD, maximum 10,000 DZD).
- Deferment period: The deferment period is set at a maximum of three months. It is granted at the borrower’s request.
Depending on the option chosen by the borrower, the interest amount for the deferment period is either capitalised or paid with the first repayment instalment.
- Period of use: The credit may be used in a single (01) disbursement. The date of its utilization is set at six (06) months from the date of its authorization.
- Nature of the guarantees: The guarantees to be obtained are as follows:
- Pledge on a new motor vehicle or motorcycle;
- Assignment of the insolvency insurance policy;
- Assignment of the death/permanent disability (D/IAD) insurance policy;
- Assignment of the comprehensive insurance policy.
File constitution:
- Loan application form (to be completed at the branch).
- Credit offer duly accepted by the borrower.
- Family record of civil status;
- Copy of the biometric identity card;
- Residence certificate;
- For wage earner applicants:
- Pay slips for the last three (03) months;
- A recent work certificate;
- Annual Salary Declaration (DAS) for private-sector wage earners.
For non-wage earner applicants:
- Proof of activity (trade register or licence).
- A fiscal certificate (C20 for the last three fiscal years);
- A cleared extract from tax registers or repayment schedule.
For retired people:
- Income certificate issued by the national pension fund.
Invoice issued in the name of the beneficiary, by a seller or representative of companies partnered with the bank.
A certificate issued by the manufacturer, confirming that the equipment subject to the loan application is produced or assembled in Algeria.