cbe

USD
56.3942
57.5221
,
GBP
67.8914
69.2492
,
EUR
60.8775
62.0951
,
CHF
61.138
62.3608
,
SEK
4.9131
5.0114
,
NOK
4.8627
4.96
,
DKK
7.3918
7.5396
,
DJF
0.3158
0.3221
,
JPY
0.3401
0.3469
,
CAD
37.7184
38.4728
,
SAR
13.6076
13.8798
,
AED
13.8932
14.1711
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
33.4291
34.0977
,
SDR
,
ZAR
,
CNY
7.0975
7.2395
,
KWD
175.0012
178.5012

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

GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
EUR
60.8824
62.1
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662

abay

USD
56.3778
57.5054
,
EUR
60.8824
62.1
,
GBP
70.9853
72.405
,
CHF
63.9422
65.221
,
AUD
36.9556
37.6947
,
AED
15.3493
15.6563
,
CNY
7.8357
7.9924
,
DKK
8.1681
8.3315
,
DJF
0.3158
0.3221
,
INR
0.6794
0.693
,
JPY
0.3753
0.3828
,
KES
0.3861
0.3938
,
NOK
5.3799
5.4875
,
SAR
15.0321
15.3327
,
ZAR
2.9646
3.0239
,
SEK
5.4273
5.5358
,
SDR
74.6893
76.1831

zemen

CAD
41.7892
42.625
,
EUR
60.8824
62.1
,
GBP
70.9853
72.405
,
SEK
5.4273
5.5358
,
USD
56.3778
57.5054

buna

nib

GBP
67.791
69.1468
,
EUR
60.8824
62.1
,
CHF
61.0648
62.2861
,
USD
56.3778
57.5054
,
CAD
37.8192
38.5756
,
AED
13.8911
14.1689
,
SAR
13.6041
13.8762

berhan

wegagen

USD
56.1663
57.2896
,
GBP
67.9979
69.3579
,
EURO
60.9124
62.1306
,
CAD
37.9021
38.6601
,
AUD
33.5177
34.1881
,
CHF
60.8664
62.0837
,
SEK
4.8361
4.9328
,
NOK
4.6333
4.726
,
DKK
7.3141
7.4604
,
DJF
0.3128
0.3191
,
INR
0.6693
0.6827
,
KSH
0.3636
0.3709
,
JPY
0.3477
0.3547
,
SAR
13.4673
13.7366
,
AED
13.7552
14.0303
,
ZAR
3.1723
3.2357
,
CNY
7.0448
7.1857
,
KWD
172.7992
176.2552

dgb

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
CHF
63.9422
65.221
,
CAD
41.7892
42.625
,
AUD
36.9556
37.6947
,
SEK
5.4273
5.5358
,
NOK
5.3799
5.4875
,
DKK
8.1681
8.3315
,
DJF
0.3158
0.3221
,
INR
0.6794
0.693
,
KSH
0.3861
0.3938
,
JPY
0.3753
0.3828
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563
,
ZAR
2.9646
3.0239
,
CNY
7.8357
7.9924
,
KWD
183.0982
186.7602

enat

addis

nbe

dashen

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
CHF
61.0648
62.2861
,
SEK
4.9117
5.0099
,
NOK
4.8688
4.9662
,
DKK
7.3921
7.5399
,
JPY
0.3396
0.3464
,
CAD
37.8192
38.5756
,
SAR
13.6041
13.8762
,
AED
13.8911
14.1689
,
EUR
60.8824
62.1
,
DJF
,
INR
,
KES
,
AUD
33.4448
34.1137
,
ZAR
,
CNY
7.0913
7.2331
,
KWD
174.8588
178.356
,
AED

oromia

USD
55.4509
56.5599
,
EUR
58.7724
59.9478
,
GBP
64.394
65.6819
,
SAR
13.3775
13.6451
,
CHF
59.3141
60.5004
,
AED
13.662
13.9352

lion

USD
56.3778
57.5054
,
GBP
67.791
69.1468
,
EUR
60.8824
62.1

coop

USD
56.3778
57.5054
,
GBP
70.9853
72.405
,
EUR
60.8824
62.1
,
SAR
15.0321
15.3327
,
AED
15.3493
15.6563

gadaa

USD
56.3677
57.4951
,
GBP
67.9242
69.2827
,
EUR
60.7418
61.9566
,
AED
13.8886
14.1664
,
SAR
13.6016
13.8736
,
CHF
61.1023
62.3243

hijra

EUR
61.5525
62.7836
,
USD
56.0843
57.206
,
GBP
71.5355
72.9662
,
AED
15.2681
15.5735
,
CAD
41.9322
42.7708
,
SAR
14.9478
15.2468

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