Conditions for buying a car by installments in Algeria 2023
what is it Conditions for buying a car in installments in Algeria? This question has always been repeated by those wishing to buy a car in installments from one of the car financing banks in Algeria or car installment agencies in Algeria, as we have seen many interested in knowing the conditions required when buying a car in installments, and whether the terms of a used car in installments differ from new cars.
For this reason, we have prepared for you a topic about the conditions that some banks in Algeria offer through their official website, such as Al Baraka Bank, Al Salam Bank, BNA Bank and other banks that provide cars on the installment system.
Conditions for buying a car by installments in Algeria 2023
Many Algerian citizens ask about the conditions presented by the Algerian clauses in order to buy a car in installments, as these banks provide some surveys about the cars that banks offer for sale in installments, as after the large and unexpected rise in car prices, it made it difficult for those wishing to buy a car in Algeria, which prompted many people to transfer to buy through banks with the installment system that it offers, but some conditions differ from one bank to another, and in our article today we will discuss publishing all the details about buying a car with the installment system from banks in Algeria, read on to find out more information about the conditions.
What are the conditions that must be met by the customer in order to buy a car in installments from banks in Algeria?
- The age of the applicant should not be less than 18 years.
- The age of the applicant should not exceed 70 years.
- The applicant’s salary should not be less than 4 million centimes.
- There are some banks that allow the salaries of family members to be included. We will talk about them in the coming paragraphs.
- The car must be either assembled or installed in Algerian territory.
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What are the conditions for buying a car in installments from Al Salam Bank?
As we mentioned earlier, the conditions between banks are very similar, with some small differences, but we wanted to provide you with details of the conditions that each bank imposes on customers in order to buy a car in installments:
- The age of the applicant should not be less than 18 years and not more than 70 years.
- The applicant must be either an employee, self-employed, or a trader with a semi-fixed source of income.
- The customer’s salary should not be less than 4 million centimes.
- The client must have a seniority in the work for a period of not less than six months.
- The monthly dues that the client must pay should not exceed 30% of the client’s salary.
- You must make a down payment of the car price, which is not less than 20% of its value.
Documents required by Al Salam Bank in order to purchase a car
- The customer must present a copy of the valid personal identification card.
- Submit a document on the birth certificate.
- If the client is a resident, a residence document that is valid for at least three months must be presented.
- Submitting a family certificate confirming the personal status of married or unmarried couples.
- Submit bank statements for the last three months.
- If you have income other than the work in which the client works, he must provide documents proving that.
- The bank will sign the customer a written undertaking guaranteeing the full payment of the wages to Al Salam Bank within the agreed period. The pledge must also be endorsed by the employer by adding the signature and seal, if any.
Some additional actions
- Submission of a work certificate confirming that he has worked for less than a month, in addition to an explanation not to specify the period of work or demarcation from the position.
- Submitting statements about the salary that the client received for the last 3 months.
- Submit a statement including all wages.
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What are the conditions that must be met by professionals in order to purchase a car in installments from Al Salam Bank?
- Submit a copy of the commercial registration of the client’s work.
- Submitting a copy of the basic law applicable to legal companies.
- Submit a copy of the tax cards.
- Submit a copy of the annual income statement.
- Submit a copy of the permit that allows the client to practice the work profession.
- Submission of all recent tax and quasi-tax certificates for a period of less than 3 months.
- Provide the latest updates about the transactions of the National Social Security Fund and non-employee and the National Fund for Social Insurance.
Papers required from retirees in order to purchase a car in installments from Al Salam Bank
Submit documents about the retirement grant statement or submit the wage statement certificate submitted by the social security statement.
Some additional procedures for opening an account:
- Presentation of the national identification card (identity) or presentation of a valid driver’s license.
- Submit a copy of a birth certificate.
- If you are a resident, submit a copy of the residence permit, which must be valid for at least three months.
- Provide personal photos of the applicant.
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How to buy a car in installments from BNA Bank in Algeria?
The National Bank of Algeria clarified a way to buy the car in installments, as one of the most important conditions it presented is that the applicant’s uncle should not be less than 18 years old and not more than 70 years old, and his salary should not be less than 4 million centimes.
The bank has provided many other features where the customer can choose the car he wants to buy himself and the bank buys it from the agent and then sells it to the customer with a small profit that is agreed upon between the customer and the bank and the rest of the monthly installments are paid over a period of one year up to 5 years with fixed monthly installments.
The bank offers financing up to 85% of the value of the car, provided that the payment takes place between one month and 60 months, and the bank processes requests submitted by customers within a period not exceeding 5 days, based on the level of the National Bank of Algeria.
In conclusion, we have come to the end of our article, some that we have provided you with the most important information about buying cars by installment system in Algerian banks, with a presentation of the most important conditions that banks require from customers in order to guarantee financing.
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