cbe

USD
55.2124
56.3166
,
GBP
64.4967
65.7866
,
EUR
58.7184
59.8928
,
CHF
57.9363
59.095
,
SEK
4.5316
4.6222
,
NOK
4.6506
4.7436
,
DKK
7.1279
7.2705
,
DJF
0.3092
0.3154
,
JPY
0.3362
0.3429
,
CAD
37.1227
37.8652
,
SAR
13.3203
13.5867
,
AED
13.6031
13.8752
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
32.1139
32.7562
,
SDR
,
ZAR
,
CNY
6.8347
6.9714
,
KWD
170.5482
173.9592

awash

EUR
56.5106
57.6408
,
GBP
64.5257
65.8162
,
JPY
0.4037
0.4118
,
CHF
57.4629
58.6122
,
SAR
14.1527
14.4358

abyssinia

abay

USD
55.2124
56.3166
,
EUR
58.7184
59.8928
,
GBP
67.5358
68.8865
,
CHF
60.6663
61.8796
,
AUD
35.485
36.1947
,
AED
15.0311
15.3317
,
CNY
7.5522
7.7032
,
DKK
7.8761
8.0336
,
DJF
0.3092
0.3154
,
INR
0.664
0.6773
,
JPY
0.3715
0.3789
,
KES
0.3737
0.3812
,
NOK
5.1388
5.2416
,
SAR
14.7186
15.013
,
ZAR
2.946
3.0049
,
SEK
5.0073
5.1074
,
SDR
72.654
74.1071

zemen

CAD
41.0196
41.84
,
EUR
58.7184
59.8928
,
GBP
67.5358
68.8865
,
SEK
5.0073
5.1074
,
USD
55.2124
56.3166

buna

USD
54.778
55.8736
,
EUR
60.4201
61.6285
,
GBP
67.3216
68.668
,
AED
13.4962
13.7661
,
SAR
13.2148
13.4791
,
CAD
37.5106
38.2608
,
CNY
6.9339
7.0726
,
USD
7.3374
7.4841
,
EUR
4.7259
4.8204
,
GBP
60.0815
61.2831
,
AED
0.3485
0.3555
,
SAR
4.8953
4.9932
,
CAD
170.2997
173.7057
,
CNY
33.2543
33.9194

nib

GBP
64.4967
65.7866
,
EUR
58.7184
59.8928
,
CHF
57.9363
59.095
,
USD
55.2124
56.3166
,
CAD
37.1227
37.8652
,
AED
13.6031
13.8752
,
SAR
13.3203
13.5867

berhan

wegagen

USD
55.1843
56.288
,
GBP
65.3387
66.6455
,
EURO
59.0472
60.2281
,
CAD
37.1702
37.9136
,
AUD
32.2574
32.9025
,
CHF
58.7918
59.9676
,
SEK
4.4943
4.5842
,
NOK
4.6479
4.7409
,
DKK
7.1688
7.3122
,
DJF
0.3093
0.3155
,
INR
0.6629
0.6762
,
KSH
0.3749
0.3824
,
JPY
0.3382
0.345
,
SAR
13.3139
13.5802
,
AED
13.5955
13.8674
,
ZAR
3.1723
3.2357
,
CNY
6.8493
6.9863
,
KWD
170.6195
174.0319

dgb

USD
55.2124
56.3166
,
GBP
67.5358
68.8865
,
EUR
58.7184
59.8928
,
CHF
60.6663
61.8796
,
CAD
41.0196
41.84
,
AUD
35.485
36.1947
,
SEK
5.0073
5.1074
,
NOK
5.1388
5.2416
,
DKK
7.8761
8.0336
,
DJF
0.3092
0.3154
,
INR
0.664
0.6773
,
KSH
0.3737
0.3812
,
JPY
0.3715
0.3789
,
SAR
14.7186
15.013
,
AED
15.0311
15.3317
,
ZAR
2.946
3.0049
,
CNY
7.5522
7.7032
,
KWD
178.5845
182.1562

enat

USD
53.1422
54.205
,
GBP
62.1342
63.3769
,
CHF
0
0
,
SEK
0
0
,
NOK
0
0
,
DKK
0
0
,
KES
0
0
,
JPY
0
0
,
DJF
0
0
,
CAD
0
0
,
AUD
0
0
,
SAR
0
0
,
AED
0
0
,
ZAR
0
0
,
CNY
0
0

addis

nbe

KWD
126.8085
129.34467
,
CNH
5.6258
5.738316
,
ZAR
2.6751
2.728602
,
AED
9.9063
10.104426
,
SDR
57.7908
58.946616
,
EUR
48.4016
49.369632
,
CAD
28.7765
29.35203
,
AUD
28.3265
28.89303
,
JPY
0.3389
0.345678
,
SAR
9.7001
9.894102
,
INR
0.5525
0.56355
,
DJF
0.2234
0.227868
,
KES
0.3664
0.373728
,
DKK
5.8896
6.007392
,
NOK
4.2714
4.356828
,
SEK
4.3114
4.397628
,
CHF
41.5822
42.413844
,
GBP
53.539
54.60978

dashen

USD
55.2124
56.3166
,
GBP
64.4967
65.7866
,
CHF
57.9363
59.095
,
SEK
4.5316
4.6222
,
NOK
4.6506
4.7436
,
DKK
7.1279
7.2705
,
JPY
0.3362
0.3429
,
CAD
37.1227
37.8652
,
SAR
13.3203
13.5867
,
AED
13.6031
13.8752
,
EUR
58.7184
59.8928
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY
,
AED

oromia

USD
53.3285
54.3951
,
EUR
56.7522
57.8872
,
GBP
64.2235
65.508
,
SAR
14.185
14.4687
,
CHF
57.398
58.546
,
AED
14.5198
14.8102

lion

USD
55.2124
56.3166
,
GBP
64.4967
65.7866
,
EUR
58.7184
59.8928

coop

USD
55.208
56.3122
,
GBP
67.6574
69.0105
,
EUR
58.8131
59.9894
,
SAR
14.7182
15.0126
,
AED
15.0291
15.3297

gadaa

hijra

EUR
59.0833
60.265
,
USD
54.2297
55.3143
,
GBP
64.8713
66.1687
,
AED
13.3629
13.6302
,
KWD
168.8489
172.2259
,
SAR
13.3629
13.3481

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