United Bank Lends Telecommunications Division Members EGP 100 Mln

The telecommunications division at the Cairo Chamber of Commerce discussed the United Bank’s offer to offer the members of the division conventional and Islamic loans amounting to EGP 100 million through offering each member EGP 50,000.

The United Bank signed a contract with the telecommunications division to offer conventional and Islamic loans amounting to EGP 50,000 for each member to purchase tools and machines, support working capital and pay for training fees, said Ehab Saeed, head of telecommunications division and owner of Khadamaty.

The bank offers different loan disbursement methods such as bank cheques, credit transfer, payment in cash and issuance of Visa or Rakhaa’ card, said Tamer Moukhtar, the bank’s representative.

The loans will be repaid in 30 installments including six months of grace period in which only returns are repaid. For financing working capital, the loan will be repaid over 24 months including grace period of 6 months. For purchasing machines and tools, the loan will be repaid over a period of 30 months including a grace period of 6 months. Loans will be disbursed within a month after finalizing the required documents.