Consumer Credit
Consumer credit is a short- or medium-term loan intended for individuals (households) to purchase consumer goods.
It is intended to finance the purchase of products assembled in Algeria by companies operating under Algerian law.
For whom it is intended?
Any natural person of Algerian nationality who is a resident of Algeria, and possesses legal capacity and who acts for private purposes in acquiring a property outside of any commercial, professional or artisanal activities, and who has financial capacity.
Financing terms:
- Loan amount: It can reach up to 90% of the acquisition price of consumer goods to be acquired, within the limit of 700,000 DZD, and a minimum loan of 100,000 DZD. The loan amount is calculated based on the applicant's income and according to a repayment instalment that must not exceed 30% of the applicant’s net monthly income.
Personal contribution: The self-financing portion must equal at least 10% of the price of the property to be acquired.
- Repayment duration: The loan repayment period is a minimum of six months and a maximum of 36 months. This duration is determined within the age limit of 70 years.
- Interest rate: The interest rate is variable and 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 maximum deferment period is three (03) 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.
Type of guarantees:
The guarantees to be obtained are:
- Delegation of the insolvency insurance policy;
- Delegation of the Death/Absolute and Permanent Disability 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.