Kuwait: Banks restart loans for expatriates

Kuwait: Banks restart loans for expatriates

Kuwait: Banks restart loans for expatriates

After a break of almost three years due to the Covid pandemic, some of the banks in Kuwait restarted issuing loans to expatriates. Some of the banks have updated their policy as they decided to expand their loan portfolio to expatriates working in the private sector with new terms and conditions, local Arabic daily Al-Rai reported quoting banking sources.

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The banks also reduced the minimum salary requirements for expatriates to get loan to 300 dinar from the earlier 500 dinar, it added. The minimum work period was also reduced to 4 months instead of a year. The value of the consumer loan is determined according to their salary and the prescribed deduction percentage as per the instructions of the Central Bank of Kuwait. However, some conditions set by the regulator in terms of loan entitlement such as his company must be listed on the Kuwait Stock Exchange, etc are applied to some banks, the report added.