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New amendments to the terms of granting a personal loan of 15 million SP as a maximum

Decisions

Based on the follow-up of personal loans with the Commercial Bank of Syria, the bank’s management has decided to insert an amendment to the instructions for granting personal loans in the context of facilitating procedures for customers, according to which the upper limit of the loan has been raised to 15 million Syrian pounds and the maximum age of the borrower 65 years by the end of the life loan. It excludes non-employed customers, judges and faculty board members in universities, so that the age does not exceed 70 years by the end of life loan.

 The resolution has abolished the condition of guarantors for military beneficiaries of the loan, if the loan is taken by a real estate collateral. But in the case of the loan is secured by a personal guarantee, the military dealer must provide two guarantors, one of whom his/her salary is domiciled at the Commercial Bank of Syria.

An employee who is on the reserve service and who is still receiving his/her salary and dues from the institution in which they work at shall be accepted. Public sector employees are excluded from the requirement to submit a document "not Convicted".

According to the resolution, the loan reaches a maximum of 2 million Syrian pounds for a period of 5 years, with a guarantee of the salaries of two employed guarantors and a maximum of 15 million Syrian pounds for a period of 10 years, with a real estate guarantee covering 200% of the loan. The personal loan is granted at an interest of 12.5% ​​annually on reducing balance.

Any borrower from the public sector is entitled to benefit from the loan provided that he/she is an officially registered employee for a year, or a newly registered employee, provided that they have contracted with the public sector for at least three consecutive years.

While the beneficiary of the private sector employee is required to be registered with the social insurance for five consecutive years. Retirees are  entitled to benefit from the loan, provided that he/she or one of his/her guarantor's salary domiciled in the Commercial Bank of Syria and that he/she is no older than 65 by the end of life loan.

 For owners of enterprises, events, self-employment and crafts:

The customer must have obtained a commercial, industrial, professional or crafts register for a period of no less than one year instead of two.

The owners of administrative licenses benefit from the loan for activities that do not require a registration to practice them such as a kindergarten - a school - a poultry farm. And those with scientific professions and those who have been affiliated with the syndicate for a period of no less than two years.