National Bank of Egypt (NBE) is amending the credit conditions of car loan programs this month as it targets increasing the portfolio by EGP 40 million to register EGP 240 million in this fiscal year, compared with EGP 200 million at the end of last March.
Hazem Higazy, head of retail banking and branches at NBE, said that the bank does not target changing interest rates. Higazy added that NBE’s car loans portfolio represented 1.06% of the total value of the bank’s retail banking portfolio which reached EGP 18.7 billion at the end of the third quarter.
NBE is dealing with large car companies and stores to offer car loans.
Higazy added that NBE’s car loan programs were not affected by the recent political turmoil and economic recession.