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CONSUMER LOANS FROM KUWAIT BANKS

Consumer Loans   - Kuwait Banks
Characteristics

  1. Minimum Loan is KD 1,000 and Maximum loan is KD 15,000/- or 15 times of Salary whatever is lower*
  2. Minimum Tenure is 12 months and Maximum 60 months (5 years)
  3. Minimum instalment amount is KD 50/- max 40% of the borrowers net monthly salary for employees and 30% for the pensioners.
  4. For Expatriates considered based on  end of Service benefits (If Salary is KD 400 or more ( without considering the end of service benefits) **

Benefits available for Loans
To purchase  consumer goods, or personal needs e.g. furniture, electronics, etc.

Who is eligible for Consumer loan


Kuwaitis -Max. amount 15 times the salary, amount should not exceed KD15,000/- provided Min. salary KD150/- with a Min. of 3 month employment (private sector), or 1 month employment (public sector) or 3 month salary payments with other banks, and 1 month salary payment with the Bank.
Expatriates - based on end of Service benefits upto 15times of salary or 15,000 whatever is lower


DOCUMENTS REQUIRED FOR APPLYING CONSUMER LOANS
Kuwait Visa Procedures

Documents required
Military ID is required for MOI. MOD. National Guards Salary Certificate .
Valid civil identification I.D. and/or Passport Copy (with valid Residence permit for expatriates)
Salary Certificate
Quotation from the establishment or the company (for goods & services financing only). ***
Interest rate
Interest rate
Central Bank discount rate + 3% margin  = 5.5%

Age Requirement
Age of borrower is from 21 years to 64 years provided his age will not exceed 65 years on loan expiry
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 instalment and for a Max. amount of 12 times the instalment amount)

* Most of the banks minimum salary requirement is different but banks are usually give loan with minimum salary of KD 250/-
** Expatriates are given salary based on End of service benefits but now a days banks are giving loans based on Salary (different from bank to bank)
*** Some banks required quotation of goods from established companies

 


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