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CONSUMER LOANS - ELIGIBILITY TO TAKE LOAN || BANKS IN KUWAIT || NEWSPAPER

Consumer Loans? Who is eligible to take loan in Kuwait

Current rate of Interest is 5.5% it must very depends on Central Bank discount rate.

How much you are eligible:- Applicants are eligible to get 15 times of Salary, minimum loan amount is KD. 1000/- and maximum should not be exceeded KD 15,000/- and minimum installment amount is KD 50/- The total monthly installment amount should not exceed 40% of the borrower net monthly salary for employees and 30% for the pensioners.

Applicant's minimum age of eligibility is 21 years to 64 years and age will not exceed 65 years on loan expiry. Eligibility of Service Min. Salary for Kuwaiti's is KD 150/- and a minimum service of 3 months of employment (private sector) and 1 month of employment (public sector).

Expatriates:- Maximum amount is 10 times of the salary or the indemnity cover which is higher. Ministry is salary KD. 400/- with a minimum period  4 months of employment or Max 10 times of salary.

If Salary is greater than 550/- 15 times of Salary incase of minimum 2 years of employment.

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ELIGIBILITY AND PROCEDURE OF TAKING LOANS

 

SMS & GREETINGS

[These may very depends on the personal decisions of the Branch managers]

Security -Loan is granted against an irrevocable salary assignment including indemnity from pre-approved employer. (Private sector) Government employees' salary assignment is guaranteed by the Civil Services Commission agreement with banks

Insurance - Optional, the borrower to be covered against death claims only, and pays on monthly basis 2% of the loan amount If the borrower does not wish to pay the insurance premium, a personal guarantor should be provided (Rescheduling for a period of 1year after the last installment and for a Max. amount of 12 times the installment amount)

Source Commercial Bank of Kuwait

 
 
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