Can You Get a Loan Now? Banks Resume loan for expats with new rules
Kuwait City, Kuwait: Expatriate residents in Kuwait rejoice! After a four-year hiatus, major Kuwaiti banks are resuming loan programs specifically designed for expats. This shift aims to stimulate credit growth in the banking sector, which has seen a slowdown in personal financing since 2023.
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Key Points:
- Eligibility: The new loan program comes with stricter criteria compared to pre-pandemic times. To qualify, expats must:
- Be employed by a financially stable company for a minimum of ten years.
- Earn a minimum salary of 250 dinars (government sector) or 500 dinars (private sector).
- Work in eligible professions, including government jobs (excluding those subject to Kuwaitization policies), doctors, engineers, teachers, and more.
- Loan Limits: The maximum loan amount is capped at 25,000 dinars as set by the Central Bank. Individual loan approval amounts will consider factors like salary, end-of-service benefits, and existing financial commitments.
Cautious Approach:
While banks are eager to tap into this new market segment, they remain cautious due to risk management concerns. This might lead to the introduction of new loan packages with specific terms and conditions in the coming months.
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Overall, this is positive news for expats in Kuwait seeking financial support. However, it’s crucial to carefully consider the eligibility requirements and loan terms before applying.
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