Consumer loans' limit to reach up to 2 million ZDZ
الشروق أونلاين
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Photo: Echorouk
Consumer loan will officially start next Sunday and its limited value will reach 2 million ZDZ, Head of the Professional Association of Banks and Financial Institutions, Boualem Djebbar, told Echorouk.
“Largest value will reach 20 million ZDZ. All public and private banks that are involved in this loan have all the freedom in determining the duration of the payment, as well as the interest rate based on the product quality.”
“Two legal and technical mechanisms for launching the consumer loans are completed. The maximum limit can reach up to 20 million ZDZ, and it was dropped on the existing mortgage loan which is currently applied. Value of the loan is related to the ability of the individual to repay the debt and is associated with the monthly wage, and the law makes it clear that the payment value can not exceed the value of the monthly payment, which is 30% of the monthly income for the loan applicant, and on this basis the loan size is measured because it does not exceed the repayment period of 5 years.”
“For the first time all the documents that are required in the consumer loan file were identified in last December,31, and it comes to a certificate that proves the local production, as the institution should prove that is practising the activity of production that is conferred on the national territory, to prove that the product which is the subject of a loan application produces in Algeria, as well as the product bill, and the documents that are usually required by the consumer mortgage loan file, similar to the work certificate, and the salary and a certificate of residence, birth and other well-known administrative documents.”
“Consumer loan means all the public and private banks, and gave them the power to determine the terms and duration of the loan depending on the quality of the product, and determining the interest rate depending on the product quality. The legal mechanism of the loan consumer completed with the signing of the Ministerial Joint Resolution on last December 31, between the Ministers of Commerce, Industry and Mines which identified the list of products and producers who are concerned with the consumer loan.”
