The Cedrus Bank Personal Loan is designed to meet the diverse needs of clients. Clients can use the flexible loan to cover any personal financial needs, including but not limited to, furnishing their home, covering wedding expenses, settling tuition fees, or to consolidate loans.
Loan Characteristics
- Currency: USD
- Minimum Amount: $2000
- Maximum Amount: $50,000
- Repayment Period: Minimum 1 Year | Maximum 5 Years
- File Fees: 1% of loan amount, Minimum $50 | Maximum $350
- Applicant's Age: 21 to 64 years at loan maturity
- Interest Rate: Regressive - Variable Interest Rates for loans in USD:
- up to 3 years: 15.88% to 16.88%
- 4 years: 16.88% to 17.88%
- 5 years: 18.88% to 19.88%
Eligibility Requirements
Client Requirements:
- Applicant should be Lebanese
Work Requirements:
- Employee:
- Minimum income: USD 1,000 or Eq. in LBP
- Minimum years of experience in the same field: 2 Years
- Self Employed:
- Minimum Income:USD 2,000 or Eq. in LBP
- Minimum Years of experience in the same field: 2 Years
Conditions based on Loan Amount:
- up to $14,999: Subject to Salary Domiciliation
- from $15,000 to $29,999: Subject to a Guarantor
- from $30,000 & above: Subject to a Real Estate Mortgage
Required Documents:
Personal Documents:
- Copy of ID or copy of valid passport
- Proof of residence (mayor certificate or latest utility bill showing the address)
- Syndicate and insurance cards are requested from professionals (doctors, engineers…)
Proof of Income:
- Employee:
- Certified employment certificate
- Statement of account showing salary credit for the last 6 months
- 3 recent consecutive pay slips
- Self-Employed:
- Valid Syndicate membership &/or practicing certificate if applicable
- Statement of account for the last 2 years
- Company legal documents (commercial circular, commercial register, etc)
- Copy of title deed or rental contract for work place
Guarantees
- Life Insurance covering the loan amount
- Additional Guarantees might be requested on a case by case basis
Cedrus Bank reserves the right to review/amend the conditions and terms specified in this proposal at its discretion and without prior notification. Terms & conditions apply.