The Commercial Bank of Syria announced new amendments to the instructions and conditions of the personal loan with the aim of facilitating and simplifying the grant procedures and increasing the number of loan beneficiaries, especially those who were unable to secure two guarantors.
In a statement to SANA, the bank clarified that the amendment dealt with guarantees and the possibility of using a partner in payment. With regard to the personal guarantee of a personal loan of up to 3 million Syrian pounds, the bank allowed the provision of one guarantor from the public or military sector employees, or two guarantors in the event that the income of one guarantor is insufficient.
The bank indicated that for the guarantees required for a loan of more than 3 million and up to 5 million Syrian pounds, two guarantors are required. The real estate guarantee covers 200 percent of the loan value, provided that the guarantor is a permanent employee in the public sector or a military and civilian working for the Ministry of Defense and has served a full year, provided that a pledge is submitted by the financial director or the management accountant.
The bank also indicated that the customer can add one repayment partner in order to increase the loan amount by increasing the sources of income, provided that the terms of the repayment partner’s income are the same as the conditions applied to the borrower’s income, bearing in mind that whoever is entitled to borrow can be a repayment partner with the exception of retirees, where these cannot be be co-pays.