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The fine for delaying the payment of the loan installment differs from one bank to another, but it agrees that the delay should not exceed one installment, and in some cases, legal affairs can intervene if the borrower does not respond to the warning sent to him by the bank, and in the next, the moneymakers will offer you the value of late payment fine The loan installment imposed by some banks, and the permissible period of delay.

Penalty for late payment of loan installments at Al-Ahly Bank

If the circumstances did not satisfy you and you were late in paying the loan installment that the bank granted you for the purpose of financing; A fine is imposed for this delay, which is determined by each bank separately. The fine for delaying the payment of the installments of personal loans and loans for workers in the petroleum sector that the National Bank grants to its clients ranges from 20 Egyptian pounds per month addition to 2% of the value of the amount due for payment.

Fine for late payment of loan installments at Banque du Caire

When individuals are late in paying the value of the loan installment granted to them by Banque du Caire; The fine for the delay is 2% and up to 5% of the amount due to be paid; Accordingly, the value of the loan installment must be paid on the date specified for it.

How to pay the fine for late payment of the loan installment

You can pay the fine for the late payment of your loan installment by going to one of the Fawry branches located in all geographical areas, and requesting the payment of the fine for the delay in paying the loan installment, and this method is applied at the level of all different banks.

Reasons for late payment of loan installments

There are a few reasons why people are financially stumped; Consequently, they are late in paying the installments of loans granted to them by various banks, and among those reasons is what we will present in the coming lines…

• Leaving work and difficulty obtaining funds during the period in which the client suffers from unemployment.
• That the customer is exposed to the freezing of his bank accounts or balances with the bank he deals with.
• The presence of other priorities of the individual that make him benefit from the financial value allocated to repay the loan installments in a misplaced manner.

How to find out if there is a fine for late payment of the loan installment

There are some ways that the bank resorts to informing the customer that a penalty for late payment of loan installments will be applied to him; Therefore, the individual should go to pay the fine as soon as possible; To prevent him from being subjected to legal issues, and among those ways are the following.

1. To send a text message to the customer who has defaulted on his loan installment, on his own phone number.
2. A message is sent to the customer's e-mail about a fine as a result of his failure to pay the premium.
3. Call the customer on his number and inform him of the need to pay the overdue loan installment

Some tips to avoid being late in repaying the loan installment

There are some guidelines that by applying, the individual will be able to avoid the stumbling blocks that cause him to be late in paying his loan installments, and among these instructions are what we show you in the coming lines.

1. You should apply for the loan only if you want it to finance something necessary, that is, it cannot be postponed or dispensed with.
2. The customer should look for the lowest interest rate when applying for the loan.
3. Ensure a stable monthly income; To avoid falling into financial stumbles, and to be able to repay the loan installment on the specified dates.
4. The need to organize and prepare a personal financial budget that includes the priorities on which the money should be spent first.
5. You should get rid of the habit of wasting money, and stay away from the things and habits that make you spend your money on unnecessary things.
6. Make sure you have enough balance in your personal account when the loan installment date approaches.
7. If your financial circumstances change, whether by leaving work or some developments; You must notify the bank immediately.
8. You should rationalize your energy consumption, which includes electricity, water, and gas; So that you get low bills that can be paid at the end of every month, without the need to postpone them, and thus accumulate them on you.
9. You should also make a statement of the expenses that you have spent during the month; To see what was spent.
10. Last but not least you should be economical when spending money; To avoid being fined when you are late in paying your loan installment.

Request to postpone loan installment payment

Through the application that you will submit to your bank, you will be able to defer the payment of the loan installment within the framework of the proposed measures, which is one of the services provided to customers of banks due to the repercussions of the spreading Coronavirus.

In the following, we will show you the steps for writing a request to postpone the payment of the loan installment, in case of financial default or other reasons.

• The application begins with the last name, the name of the client, and the company he is affiliated with.
• Then the customer's personal card number, and his bank account number.
• The phone number, e-mail, and postal address of the customer are written.
• The nature of the loan is specified in the application, whether it is a real estate loan, a medium-term loan, or another loan (if any).
• Decide how long you would like to defer your loan installment payment.
• State the reason why you want to postpone the payment of the installment, and when you finish writing the application that you will submit to the competent authorities,

Early repayment fines for individual loans

In the coming lines, we will show you the fines approved by some Egyptian banks for early repayment of loans granted to individuals, and among those banks: are Banque Misr, National Bank, CIB Bank, QNB Bank, Arab African Bank, Bank Audi Egypt, Real Estate Bank, and The United Bank.

1. The United Bank approved a fine for early repayment of individual loans, which amounted to 5% of the total loan value.
2. The National Bank has set a penalty for early repayment of individual loans at a rate of up to 5% of the value of the customer's current balance.
3. CIB Bank is similar to Banque Misr, in that they set the fine for early repayment of individual loans at a rate equivalent to 5% of the value of the customer's own balance.
4. Banque Misr has set the penalty for early repayment of individual loans at up to 5% of the value of the customer’s balance in the bank.
5. QNB has set an early settlement penalty for individual loans up to 5% of the loan amount.
6. The Arab African Bank also set a fine for early repayment of individual loans with a fine equivalent to 5% in the case of the person paying during the first year, and 3% in the event of early repayment after one year.
7. As for the Real Estate Bank, it approved a fine for early repayment of individual loans, which amounted to 2% of the original amount required to be repaid.
8. Bank Audi Egypt has approved a fine for early repayment of individual loans, amounting to 6%, in the case of cash or check payments.
9. The United Bank set a penalty for early repayment of individual loans, which amounted to 5% of the value of the loan itself.
10. Union National Bank has joined the category of banks that impose a penalty for early payment of up to 10% in the case of payment through checks, and in the case of cash payment, the penalty is up to 5%.