3.6 Million Retirees Could Benefit from Lower Loan Rates
ALGIERS — Cheaper credit may soon be within reach for retirees. According to Algerian media reports, the National Pension Fund (CNR) and the Local Development Bank (BDL) have set up a joint committee to study preferential interest rates on loans for retirees.
Under the plan being considered, rates would fall to 2% on certain loans, including consumer loans for car purchases and real estate loans, with commercial loans excluded. The measure would concern more than 3.6 million retirees. The committee, made up of officials from both institutions, was launched on Sunday, October 18, and is expected to present its findings once its work is finished.
Retirees could also see a higher cash withdrawal limit on bank cards used at ATMs, according to the same reports. No figure has been given for the new limit, and the final rates have yet to be announced officially.
The initiative builds on an existing agreement between the CNR and the BDL that opened consumer, car and real estate loans to retirees on preferential terms, with fast processing times. Both institutions say they aim to improve retirees’ purchasing power and make banking services more accessible.
Wissem Chergui
