This Agreement is entered into by and between:
1- The person whose descriptions are stated at the end
of this Agreement.
A. The First Party "Borrower".
2- The Guarantor whose descriptions are stated at the
end of this Agreement.
B. "First Party" "the Guarantor"
3- Citibank NA, Egypt, located at 2 Abdel Kader Hamza
Street, Garden City, Cairo, Egypt, (referred to hereinafter
as "the Bank").
The term party includes the legal heirs, successors,
executers, administrators …etc, unless otherwise
required by context
Whereas, The Borrower and the Guarantor
have submitted an application to the Bank to obtain
a loan for the purpose of buying a New car
/ a Used Car together with its requisites
Whereas, the Bank has agreed to grant
the requested loan in accordance with the terms/conditions
and regulations which both the Borrower and the Guarantor
have agreed upon.
Therefore, the following has been
First- The Amount of the Requested Loan:
(1) The Bank has agreed to grant the Borrower the requested
loan to be used for the purpose mentioned in the above
preamble as well as the application. The description
of the permitted loan is mentioned in Article (10) herein.
(2) The Loan is subject to the interest calculated
on the outstanding balance for each period.
(3) (a) The Bank may send a statement of account to
the Borrower which shows the due payable amount. It
will be deemed that the Borrower has no objections to
that statement of account unless the Borrower sends
a written notification to the Bank indicating that he/she
did not receive the statement of account or that the
received statement of account includes mistakes.
(3) (b) Any dispute in relation to the value of the
debt or installment amount shall not entitle the Borrower
to suspend the payment of the monthly installment at
the time it is due.
(3) (c) The Borrower shall pay the service commission
to the Bank only once as described in the below table
of Charges and such fees are subject to amendment according
to the sole discretion of the Bank.
(4) The Loan installment should be payable according
to the set due dates described on the Bank’s Agreement,
the loan amount and the due payable interests shall
be paid in equal monthly installments (EMI).
The details of the number and amount of each installment
are stated below in Article 10.
The payment schedule shall not prejudice the Bank's
right to oblige the Borrower to pay the total amount
of the loan and its supplements upon request.
Furthermore, the calculation or the determination of
the value of the monthly installment shall not prejudice
the Bank's right to re-schedule the interest.
(5) The monthly installment shall be paid in accordance
with the payment schedule whether the car has been delivered
or not. It is also understood that abiding by the payment
schedule is a condition of granting the Loan.
(6) Any delay in the Payment of the monthly installment
will result in collecting fees in a fixed percentage
for each month or part of a month according to the fees
and commissions schedule without prejudice to the Bank's
other rights. Moreover, such fees shall not affect the
necessary and strict compliance with the payment schedule
as an essential condition for granting the loan.
(7) The rejection of any check that is submitted by
the Borrower shall impose on him/her fees in a fixed
rate in accordance with the following schedule of fees
and commissions. Imposing fees on the rejected/unpaid
check shall be without prejudice to other rights of
8- In the event of rejecting any check that is deposited
by the Borrower in the Bank for the payment of any of
the loan installments and which the Borrower does not
pay in cash within three working days as of the day
of notice sent by the Bank to the customer in relation
to that incident, the Bank shall be entitled to immediately
take any legal procedures against the Borrower in the
manner deemed appropriate by the Bank.
9- In the event that the Borrower does not pay any
due amounts under this Agreement, the Bank shall be
entitled to carry out set-off between those amounts
and any credit account under the Borrower's name in
any of the Bank branches.
10- The fees and commissions schedule is subject to
amendment according to the sole discretion of the Bank.
11- In the event that the financing terms and Conditions
of the Bank have changed as a result of:
a) Instructions issued by the Egyptian Central Bank
b) Relevant circumstances to the currency market,
Then the Bank shall be entitled to amend the interest
rate and accordingly collect same in the new rate. The
Bank shall inform the Borrower of any change in the
interest rate by mail one week prior to applying the
new rate. Such notice shall be considered an amendment
to this Agreement and will include the amended amount
of the loan installment in accordance with that change.
Borrower hereby declares accepting changes deemed appropriate
by the Bank.
12- The payment of the monthly installment includes
all the expenses relevant to the loan. The expenses
include as an example:,
a) All the expenses relevant to the car comprehensive
b) All the expenses relevant to the life-insurance premium;
c) Any costs or expenses relevant to the Loan Service.
Second: The car is subject to prohibition of
disposal in favor of the Bank only:
(1) In order to secure and ensure the granted loan,
the Borrower undertakes to annotate prohibition of disposal
in the car license for the purpose of securing the loan
currently granted to the Borrower.
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