Algeria grants double consumer loans

The Bank of Algeria Tuesday completed all the preparations in order to launch consumer loans. A number of exceptional measures are included. People can request loans directly from banking agencies and can benefit from tow loans at the same time.

Chief of Banks National Association Boualam Djabar said the new measures are safer for the financial and banking system in Algeria. They are adapted to the monetary situation.

“Now, people can directly benefit from loans compared to the past. They used to follow many procedures before getting the credit. They also can get more than one loan if they have necessary guarantees,” he told Echorouk.

He added that the Bank of Algeria will examine applicants’ financial situation and their ability to pay the loan.

“A 100 million centime-loan will not be granted for people who can only pay 50 million centimes.”