The prohibition of turning on the radio while refueling at the gas station raises the astonishment and questioning of many car users in the Egyptian market.
To clarify the matter and to increase awareness among citizens and car users in Egypt, the Traffic Safety Instructions and Instructions booklet, which is sold when obtaining a driver’s license, contains several instructions and behaviors that must be followed inside the car and while driving to avoid various risks.
Among the safety guidelines is not to turn on the radio while refueling the car inside the petrol station.
The reason behind this is similar to the rules for avoiding using the phone inside the gas station, but the reason for avoiding turning on the radio has not been clarified scientifically.
However, some circulating information indicates that there is a possibility of static radio waves interacting with gasoline spray that may be scattered during fuel filling and result in an explosion.
However, there have not been any documented accidents inside gas stations over the past twenty years due to the operation of the radio inside the car, or the use of the phone, which one Canadian report indicates has a one in ten billion chance of causing a fire.
The Egyptian car market is witnessing a state of confusion with the beginning of the second quarter of the current year 2022, especially with the economic decisions that regulate the process of importing goods.
And a new crisis hit the car market in Egypt, which reduced the volume of vehicles sold, after the negative effects of the high exchange rate of the dollar against the pound.
Several banks have raised the interest rate on new car loans this month, to offset the high interest cost on recently issued savings certificates.
Some banks in Egypt, most notably Al-Ahly of Egypt, Misr and Cairo, Faisal Al-Islami, Commercial International Bank CIB and Alexandria, revealed that they raised the interest rate between 1% to 2.5% on car loans, according to the policy of each bank and the cost of funds on deposits, which amounted to 17.25% annually. with many banks in Egypt.
Banks in Egypt not only offer car loans for new vehicles, but they also provide loans in this field for used cars.
Banks offer used car loans with a guarantee of salary transfer to employees in the public or private sector, savings containers and certificates, or self-employed people, provided that the condition of the car is good, and that the model has not been manufactured for a certain number of years.
In order to approve the loan, banks require that the customer submit an invoice for the price of the car from one of the well-known showrooms, showing the name and value of the model.
Banks also require a salary certificate approved by the employer, and a receipt for modern utilities (electricity, gas…), and that the person requesting the loan should not have loans to banks that reach the credit limit, which represents 50% of his total monthly income.
Among the most prominent banks that have increased the interest on car loans, the National Bank of Egypt comes at the forefront, as the loan amount reaches a maximum of 1.5 million pounds.
The interest rate at the National Bank ranges from 19% to 21% annually on a decreasing basis, and varies according to the employer and the possibility of transferring the salary.
The percentage of administrative expenses at the National Bank ranges from 1.5% to 2% of the total loan value, and is deducted once.
The financing rate reaches 100% of the total value of the car, and the loan repayment years range from one year to 7 years, and the customer’s monthly income is not less than EGP 1,500 as a minimum, and the customer’s age is from 21 years until the retirement age.