cbe

USD
57.2653
58.4106
,
GBP
69.4105
70.7987
,
EUR
61.4457
62.6746
,
CHF
61.4753
63.7048
,
SEK
4.9682
5.0676
,
NOK
4.923
5.0215
,
DKK
7.4564
7.6055
,
DJF
,
JPY
0.3272
0.3337
,
CAD
37.7982
38.5542
,
SAR
13.8141
14.0904
,
AED
14.109
14.3912
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
34.5933
35.2852
,
SDR
,
ZAR
,
CNY
7.1379
7.2807
,
KWD
178.3661
181.9334

awash

USD
57.2653
58.4106
,
EUR
61.4457
62.6746
,
GBP
69.4105
70.7987
,
CHF
61.4753
62.7048
,
SAR
13.8141
14.0904
,
AED
14.109
14.3912
,
CAD
37.7982
38.5542

abyssinia

GBP
69.4105
70.7987
,
CHF
61.4753
62.7048
,
EUR
61.4457
62.6746
,
USD
57.2653
58.4106
,
CAD
37.7982
38.5542
,
AED
14.109
14.3912
,
SAR
13.8141
14.0904
,
SEK
4.9682
5.0676
,
NOK
4.923
5.0215

abay

USD
56.5376
57.6684
,
EUR
61.7956
63.0315
,
GBP
72.289
73.7348
,
CHF
64.3716
65.659
,
AUD
37.3657
38.113
,
AED
15.3911
15.6989
,
CNY
7.8594
8.0166
,
DKK
8.2877
8.4535
,
DJF
0.3166
0.3229
,
INR
0.6826
0.6963
,
JPY
0.3821
0.3897
,
KES
0.4082
0.4164
,
NOK
5.3785
5.4861
,
SAR
15.0739
15.3754
,
ZAR
3.0306
3.0912
,
SEK
5.5156
5.6259
,
SDR
78.118
79.6804

zemen

CAD
41.6356
42.4683
,
EUR
61.3505
62.5775
,
GBP
72.5868
74.0385
,
SEK
5.426
5.5345
,
USD
57.2406
58.3854

buna

nib

GBP
69.4105
70.7987
,
EUR
61.4457
62.6746
,
CHF
61.4753
62.7048
,
USD
57.2653
58.4106
,
CAD
37.7982
38.5542
,
AED
14.109
14.3912
,
SAR
13.8141
14.0904

berhan

wegagen

dgb

USD
57.1651
58.3084
,
GBP
73.1806
74.6442
,
EUR
61.3553
62.5824
,
CHF
63.7221
64.9965
,
CAD
41.5052
42.3353

enat

USD
57.2406
58.3854
,
GBP
72.5868
74.0385
,
CHF
64.4819
65.7715
,
SEK
5.1879
5.2917
,
NOK
5.1733
5.2768
,
DKK
8.1014
8.2634
,
KES
0.4271
0.4356
,
JPY
0.3673
0.3746
,
DJF
0.3181
0.3245
,
CAD
41.1312
41.9538
,
AUD
36.4897
37.2195
,
SAR
15.1424
15.4452
,
AED
15.5162
15.8261
,
ZAR
2.9861
3.0458
,
CNY
7.846
8.0029

addis

nbe

USD
57.2653
57.838
,
GBP
72.6811
72.7098
,
CHF
64.372
64.4009
,
SEK
5.4897
5.4913
,
NOK
5.4398
5.4407
,
DKK
8.2391
8.2396
,
DJF
0.3207
0.3225
,
INR
0.6848
0.6849
,
KES
0.4439
0.4474
,
JPY
0.3616
0.3616
,
CAD
41.766
41.7873
,
AUD
38.2246
38.2475
,
SAR
15.2642
15.265
,
AED
15.59
15.5909
,
EUR
61.4457
61.4686
,
XDR
75.447
75.447
,
ZAR
3.1652
3.1657
,
CNY
7.8872
7.8873
,
KWD
186.7708
186.828

dashen

USD
57.2653
58.4106
,
GBP
69.4105
70.7987
,
CHF
61.4753
62.7048
,
SEK
4.9682
5.0676
,
NOK
4.923
5.02146
,
DKK
7.4564
7.6055
,
JPY
0.3272
0.3337
,
CAD
37.7982
38.5542
,
SAR
13.8141
14.0904
,
AED
14.109
14.3912
,
EUR
61.4457
62.6746
,
DJF
0
0
,
INR
0
0
,
KES
0
0
,
AUD
34.5933
35.2852
,
ZAR
0
0
,
CNY
7.1379
7.2807
,
KWD
178.3661
181.9334
,
AED

oromia

USD
57.2653
58.4106
,
GBP
72.6811
74.1347
,
EUR
61.4457
62.6746
,
CHF
64.372
65.6594
,
SAR
15.2642
15.5695
,
AED
15.59
15.9018

lion

coop

USD
57.2406
58.3854
,
GBP
72.5868
74.0385
,
EUR
61.3505
62.5775
,
AED
15.5825
15.8942
,
SAR
15.2556
15.5607

gadaa

USD
57.0384
58.1792
,
GBP
69.4569
70.846
,
EUR
91.9494
63.1884
,
AED
14.0523
14.3333
,
SAR
13.7631
14.0384
,
CHF
59.61
60.8022

hijra

amhara

tsehay

USD
57.2406
58.3854
,
GBP
69.3204
70.7068
,
EUR
61.3505
62.5775
,
CAD
37.6802
38.4338
,
SAR
13.8063
14.0824
,
AED
14.1022
14.3842

tsedey

USD
57.2653
58.4106
,
EUR
61.4457
62.6746
,
GBP
69.4105
70.7987
,
AED
14.109
14.3912

Car loan in Ethiopia

Car loan in Ethiopia

Apply for vehicle loan here

Vehicle/Car Loan in Ethiopia

Car loan in Ethiopia is a highly requested service now, since having a car is now more of a necessity than a luxury and even more it can be a source of income since the meter transportation service is now booming in Ethiopia better than ever. While having a car is now a basic thing for both country residents and non resident (Diaspora) citizens of Ethiopia, the cost to purchase a vehicle is very high for one time payment.

Ethiopia has now number of Banks near to 30, including the government Bank, private commercial Banks and fully fledged Interest free private Banks, these Banks have different day to day Banking services and a various loan services, one of which is Car loan.

Car loan in Ethiopia is one of the services that is usually provided by almost all Banks in Ethiopia. Even though Banks have their own company rules and regulation to proceed with any kind of loan services, there are also commonly requested criterias for a customer to be able to access Vehicle loan.

How to access Car loan in Ethiopia

In order to purchase car with bank loan in Ethiopia, country resident customers can directly apply for car loan service to the bank they are a customer of in person through their near by branches; and diaspora customers ( who are non residents of the country), can apply through Banks Ethiopia website diaspora page to the bank of their choice by filling the loan form.

Main requirements to get Bank loan for car in Ethiopia

When a customers requests for a car loan in Ethiopia, there are some essential criteria that need to be processed which are listed down below:

  1. Need to have an account or has to be a customer of the bank in order to access the service ( Diaspora account for non-resident Ethiopians)
  2. Eligible Identity card , renewed passport, living permit, and for foreigners living in Ethiopia. yellow card is requested.
  3. Employment and income status of the applicant if she/he is an employee
  4. For Business owners Financial statement, Renewed trade license and trade registration certificate are mostly requested with expected variety according the Bank policy; and TIN certificate, Tax Clearance Confirmation might also be requested.
  5. Applicant has to fill the loan requisition form in clear terms including personal information of marital status and signature.

The Banks also have their own eligibility check methods of the applicant and repayment regulation accordingly to their own specific organization polices. The common procedure of the banks is listed down below.

  • Legal eligibility of the customer( presence of ID, passport..)
  • Customers transaction history
  • Manufacturing year of the vehicle (most eligible up to 7 years of functionality from the production date)
  • The applicant income status or livelihood of their business (in case of business owners)
  • Ability to repay with the given period of time
  • Deposit of half amount is requested in most cases
  • (5-15%) interest rate of the loan (reasons of variety is stated down below)

If you are an Ethiopian living abroad (non-resident) and want to know the vehicle loan process in detail, visit our page on Diaspora Car Loan in Ethiopia.

Interest Rates for Car Loans

After the applicants submit and the application is approved most Banks give a repayment season which in most cases is from 5- 10 years based on the Banks regulation and the status of the vehicle (new and/or used) and 6 months grace period. With a slight variation from one Bank to the other, deposit of half amount is requested in most cases, and one of the important points: the interest rate of the loan has to be considered. Visit our page to find out which banks have the best bank loan interest rate in Ethiopia.

Banks decide the interest rate for vehicle loans based on their policy and the customers previous Banking history which in this case is :-

  • customer’s deposit amount
  • contribution on foreign currency
  • transaction history
  • previous loan history

All these can be used by the Banks to decide the rate of the interest in addition their rule of law. If the vehicle is on to the banking history, the status of the vehicle also has a huge part on the risk calculation; and if the year of manufacturing is above five to seven years, the risk is also considered high which would put the interest rate higher than the new cars.

Interest free car loan in Ethiopia

Ethiopia currently has three fully fledged interest free Banks and  For customers who use interest free banking and requests for car loan service with no interest bear, Banks in Ethiopia, most commercial banks including the government owned Commercial Bank of Ethiopia (CBE) give interest free Banking service.

When it comes to Vehicle loan, most of these Banks follow a similar path of policy besides their organization specific terms. Interest free car loan in Ethiopia, in most Banks of Ethiopia is given based on Ijarah ( leasing) concept, which is where the Bank purchases the vehicle with a hold of customers promise and fulfillment of other eligibility requirements and the Bank would lease out the property to the customer with agreeable rent payment with in a limited period of time and once the lease payment covers the cost of the purchase , the Bank will transfer the ownership to the customer fully. For this to happen, the payment has to be completed with the given period of time.

Get access to car loan in Ethiopia from any Bank of your choice at www.banksethiopia.com