Banks in Kuwait may relax loans conditions for expatriates

Monday, May 27, 2024

The Kuwaiti banks are reconsidering their policy towards lending loan to expatriates by easing some of the restrictions they had put in place earlier.

According to local Arabic media report, banks are considering to reduce the salary limit for government employees to 250 KD and for private companies to 500 KD to obtain loan. it was reported that the banks have instructed their employees to lift the block on resident financing for private sector employees by considering additional benefits such as the customers should have a minimum end-of-service bonus reflecting at least ten years of service and be employed by a major, stable company.

The eligible job category for expatriates includes traditional roles like judges, doctors, healthcare workers, engineers, teachers administrators, technicians, and similar professions. For customers meeting the specified conditions, loans exceeding the value of the end-of-service bonus may be available, with additional margins varying based on job type, grade, and stability.

It is also reported that the smaller banks had already opened lending to non-Kuwaitis with salaries starting at 300 dinars and minimal adherence to end-of-service bonus conditions.

The maximum loan amount is capped at 25,000 dinars, as stipulated by the Central Bank of Kuwait.

s