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KD700 salary is a must for expats' loan application

Finance Kuwait City 17 Jan 22
KD700 salary is a must for expats' loan application
KD700 salary a must for expats' loaning. Kuwait banks toughen policy for expats to avoid defaults.
Fee
Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
17 January 2022, 12:00 AM
End Time
31 January 2022, 12:00 AM
Website

Some banks in Kuwait have adopted a tougher lending policy towards expatriates, including setting KD700 as a minimum monthly salary for the would-be borrower, according to Al Rai reports.

This comes after a short relaxation in rules for offering loans to expatriates in Kuwait. Several banks have reinstated tough borrowing measures to head off defaults, Al Rai reported, citing close sources.
The restrictions include imposing a ban on loans to migrant workers whose salaries are lower than KD700 and prohibiting the rescheduling of their present loans.

Moreover, these banks have stopped finances to the recently employed expatriates unless they have secured or highly paid jobs, they said.

Exempted from the new salary limit are expatriates who have an end-of-service gratuity enough to repay their loans and are employed by such "stable" ministries such as those of health, education and Awqaf (endowments).

Foreign workers in other places must prove they have an end-of-service gratuity enough to cover their loans and have a secure job.


Kuwait expats loan application



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