Algerian banks retreated procedures of granting loans to buy cars

Algerian banks which are specialized in granting loans to buy cars, has retreated the structure of cars’ acquisition in line with taxes by the government, where people who have been waiting to buy new cars were astonished because of these new procedures, especially if only people who get higher salaries of about more tnan 45.000 DA can pay 10% of the car’s value, this procedure has been introduced by foreign banks in Algeria such as “Cetelem bank”.

• Citizens wishing to get a car are not able to pay 10% of the car value, if its price do not exceed 100 million centimes, which required the payment of 20% if their salary exceeds 30.000 DA, whatever the type of this car is, which means that the loans to get a car is no more available for the working class in Algeria, because most Algerian salaries do not exceed 40.000, but a few category of people who work in foreign companies.