BANKS IMPOSE A SALARY OF 700 DINARS AS A CONDITION FOR LENDING, RESCHEDULING LOANS TO EXPATS IN KUWAIT

  • 10/01/2022

Kuwait City: According to statistics released by the Central Administration of Statistics, the number of expatriates receiving monthly salaries of 480 dinars or more is approximately 13.48 percent of the 2.39 labourers working in Kuwait, with 96 percent working in the private sector and the rest in the government.


According to sources, following the recorded breakthrough in financing residents, particularly with the decrease in the severity of the pandemic's repercussions, some banks historically that were previously wholeheartedly lending money to expatriates have become more stringent and some banks have returned to adopting a more strict policy in granting loans to this category of people by raising the limits of their salaries — not less than 700 dinars — in addition to fulfilling other requirements. 

According to the sources, these banks set new limits for acceptable salaries for credit granting, which stipulates not granting new consumer loans to expatriates whose salaries are less than 700 dinars, as well as not scheduling existing finances for these customers, and stopping financing newly-employed expatriates, unless the customer is within a functional guaranteed scope or elite clients.

These banks were exempt from the new salary cap for expats with an end-of-service gratuity sufficient to repay the loan and who work in ministries such as health, education, and endowments.

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