Société Générale says employees applying for car loans should earn at least 35 thousands AD wage
Monday Dec 15 2008.
The branch of the French bank Société Générale, has decided to
increase the minimum wage fixed for granting car loans, said
the Deputy Chairman, Mr. Hakim Ouzani, adding that this
wage used to be 20 and 35 thousand AD.
Speaking on the margins of a
press conference held in
Algiers, Mr. Ouzani told El
Khabar money amounts
available at the bank push it
favouring some loans on
others, while the wage
allowing clients to benefit
from a car loan has been increased to 35 thousand AD, rather
than 20 thousand AD. Such a measure taken by the bank is with
the aim of reducing the escalating demand on car loans, and in
view of canalizing the budget to other kinds of loans.
Car loans
granted by the bank in 2008, hit 4.5 billions AD, however, the
global amount of consumer credits extended by Société
Générale, reached 20 billions AD.
Société Générale decision has coincided with significant drop in
car sales in Algeria, by 50%; as a result, demand on such loans
has decreased.
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