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Professional Loans

Professional loans is a special package offered for the Hairdressers, Pharmacists, Medical Doctors and Dentists.

Professional Loans

Overview

Loan Characteristics

  • Currency: USD
  • Minimum loan amount: 2000 USD
  • Maximum loan amount for Hairdressers: 40000 USD
  • Maximum loan amount for Pharmacists: 75000 USD
  • Maximum loan amount for Medical Doctors & Dentists: 75000USD
  • Repayment period: Minimum 1 year and maximum 5 years
  • Regressive Variable Interest Rates for loans in:
    • USD: 13.99%
  • Interest Rates to be reviewed every year
  • Zero file fees
  • Typical APR:
    • USD: 15.8%

 

Eligibility Requirements:

Client requirements:

  • Age: 21 to 64 years (at loan maturity)
  • Nationality:
    • Lebanese
    • Foreign Expats residing in Lebanon, with official residence and work permit and with a Lebanese Guarantor
    • Contract staff of multi-national administrative bodies (UN) with 5 years continuity, regardless of contract duration

 

Required Documents:

  • Professional Loan Application
  • Credit Information Reports (Paragon, Banks information, CDR answer)
  • Legal documents (if available)
  • Syndicate Card or اذن مزاولة مهنة (if any)
  • Financials (if available)
  • Site Visit Report (if needed)
  • Personal Documents:

     

    • Copy of ID or copy of valid passport
    • Proof of business location: Either certified valid rental contract, or copy of the real estate certificate which must not be older than 1 month

Proof of Income:

The income of these professionals lies in 2 segments: The proven income and the not proven income:

  • The proven income is the one observed through a bank statement of account or declared financials: In such acase, a bank statement of account for the last 2 years will be provided in addition to financials**

    **the said financials will be shown in the application or could be provided by the applicant (if available)

     

  • The not proven income, which is based on cash dealing, will be assessed as follows:
  • Clear declaration from the applicant of his monthly net income
  • Clear and complete filling of the net worth statement in the application
  • Other available proof of income, such as a copy of the daily sales journal of the applicant, list of suppliers andinvoices, etc.

 

Guarantees

- Life insurance will be financed on top of the loan amount

- Fire and damages insurance will be requested on a case by case basis and the premium will be paid by the client on yearly basis.

 


 

Cedrus Bank reserves the right to review/amend the terms and conditions specified in this proposal and request additional guarantees at its discretion and without prior notification. Terms & conditions apply.

 

Benefits

The professional account holders will be able to benefit from the following:

  • POS machine installation at premises (the machine rental fee is free of charge for the 1st year)
  • Free Signature credit card (if applicable)
  • Free Platinum Debit card
  • Up to 5 free utility bills domiciliation on credit card
  • One free cheque book

Which Card Suits Your Needs

We have made it simple for you to choose your ideal card. We offer a range of cards to suit your needs.