CIB Personal Loans
Upon their request, AUC employees are eligible to obtain personal loans through the Commercial International Bank (CIB). CIB administers the operation of the program within the terms and conditions agreed with the University.
AUC acts as a liaison between CIB and employees.
Employees who attained one year of continuous full time service with the University are eligible for CIB personal loans, provided that their employment is expected to continue for the foreseeable future, thereby guaranteeing ultimate settlement of the loan.
- Loans are granted for personal reasons.
- Maximum loan amount equals 18 times the basic monthly salary, provided that monthly installments for settling the loan does not exceed 25% of the employee's salary, if equivalent or below L.E. 5,000; and 40% if salary is higher than L.E. 5,000.
- Settlement of loan is made over a maximum period of 60 months.
- Interest rate, as guided by the Central Bank of Egypt, is calculated on remaining balance.
- In the event of the borrower’s retirement, resignation or default, AUC transfers any financial dues pertaining to the borrower, if not settled, to the guarantor to CIB to cover any outstanding loan balance, thereby guaranteeing ultimate settlement of the loan.
The following documents are required:
- Loan application
- Guarantor undertaking letter
- Salary statement (for both the borrower and the guarantor)
- Copy of Identity Card (for both the borrower and the guarantor)
- Copy of CIB account card (for both the borrower and the guarantor)