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How to get microfinance from Banque Misr - Daily News Egypt

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How to get microfinance from Banque Misr

Banque Misr serves micro entrepreneurs through 197 branches nationwide

In order to obtain this loan to set up a micro-project from Banque Misr, there are conditions that must be met. The annual activity income of the project should be less than EGP 1m. The borrower must be an Egyptian citizen of full eligibility, not less than 21 years old and not more than 65 years old. The maturity of the loan, and in the case of being aged more than 65 years old, requires the presence of a guarantor no more than 60 years of age at the maturity of the loan.

The bank also requires a joint guarantor, and the borrower and guarantor must be at least literate.

If you wish to obtain a loan of between EGP 1,000 and EGP 30,000 for the establishment of a commercial, industrial, and service project, you must bring a copy of the lease or lease agreement or a fixed-term rental contract dated to the real estate month.

Talk on behalf of the borrower or shop owner, and the activity does not exceed three months.

The loan term ranges from four months to 18 months and is repayable in monthly installments, with an annualised rate of return of 28%.

If you want to obtain a loan ranging from EGP 30,000 to EGP 75,000, you should bring, other than the previous documents, a copy of the tax card, a copy of the recent commercial register, a copy of the last receipt of payment of insurance, a recent certificate of commercial provisions, and bankruptcy for the last five years.

The term of the loan is from six months to 36 months, payable in monthly installments, at a rate of return of 23.75% per year.

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