Banks offering interest-free loans up to KWD 40,000 – ARAB TIMES

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“The client needs to transfer the salary to the creditor bank”

KUWAIT, Aug 29: Kuwait’s commercial banks have begun a policy of lowering interest rates on personal loans, especially consumer loans, with the option of canceling a portion of the installment, Al-Rai daily reported. Daily quoted sources report that “a number of banks, including traditional and others operating under Islamic law, have started selling their loans to new clients for an amount of 25 to 40,000 dinars without interest in the form of good loans, in addition to other banks. Benefits.

The sources indicated that “one of the most important conditions for obtaining a goodwill loan, available exclusively to Kuwaiti employees whose salary is transferred to the lending bank, and provided that the applicant is able to meet his / her obligations under the loan, that is, he / she has no other financial obligations or she can pay the installment on the loan.

Attitude
The source explained that loan applicants must not have delayed paying their loan installments due to the fallout from the corona pandemic, given that the bank can build strong long-term credit relationships with such applicants. Sources said that “in the past, there were one or two banks that made good loans for social responsibility reasons and for various reasons, but the move remained small with a low credit ceiling,” noting that banks “are now collectively practicing, which reinforces their tendency to expand and uselessly increase the credit limit ”. Meanwhile, banks have begun introducing competitive interest rates on loans to individuals, calculated on the basis of decreasing balances, in particular on consumer loans, with the possibility of expanding to include part of the installment, Al-Rai daily reported, citing sources.

Sources confirmed that a number of banks, including traditional banks and those operating under Islamic law, have begun offering loans to new customers in the amount of KWD 25,000 to 40,000 without interest; provided they are in the form of good loans, in addition to other offers that include benefits and discounts on account transfers. Sources said that “one of the most important conditions for obtaining a good loan, which is only offered to Kuwaiti employees, is that the client transfers his salary to the creditor bank; and the availability of adequate credit space, which means that he has not reached the limit of the loan amount. ” The sources indicated that “priority is given to Kuwaiti employees who have been appointed in the past two years and have not delayed repaying their existing loans due to the effects of the crown, given that the lending bank can build strong long-term credit relationships with them.”







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