A new car, home renovation, college tuition — all of these cost a considerable sum of money. To help you afford major expenses such as these, you might want to consider taking a personal loan.
The great thing about personal loans is that you can pay them in installments — a few weeks, months, or even a few years. In Kuwait, there are many loan options for citizens and foreign expats alike. In this article, we will take a look at some of these options.
Guide to Applying for Loan Installments in Kuwait
Before anything else, let’s take a look a the eligibility criteria and documentary requirements involved in getting a personal loan.
Generally speaking, to qualify for a personal loan in Kuwait, an applicant must:
- Be 21 years old or above;
- Have a minimum salary of KWD 300 a month; and
- Have an account with the lending bank.
Nonetheless, some criteria may vary from bank to bank, especially when it comes to Kuwait citizens and expat residents. For example, the Commercial Bank of Kuwait requires applicants to be 21-69 years old (for citizens), or 21-59 years old (for expat residents).
The minimum salary usually varies, too. For instance, the Commercial Bank of Kuwait requires a minimum monthly salary of KWD 250 (for citizens), or KWD 400 (for expat residents). However, expats whose salary is KWD 250 per month may qualify if their loan is equal to their end-of-service benefits.
As for supporting documents, these are the usual requirements in most banks:
- Copy of Civil ID;
- Copy of Passport (for expats);
- Salary Certificate;
- Salary Transfer Continuation Certificate; and
- Kuwait Military ID (for MOI, MOD, and National Guards).
Kuwait Banks that Offer Loan Installments
And now, let’s take a look at several banks that provide personal loans and other financial services in Kuwait:
1. Bank of Bahrain and Kuwait
As the name says, this bank was established in both the Kingdom of Bahrain and the State of Kuwait on March 16, 1971. Today, the Bank of Bahrain and Kuwait offers banking products and services all over Bahrain, Kuwait, and India. It also has a representative office in Dubai, United Arab Emirates.
The bank offers a Consumer Loan, which can be used for buying household items and other products. It offers financing of up to 15 times the borrower’s monthly salary, with a limit of KWD 15,000.
To be eligible for this loan, applicants should have a minimum salary of KWD 250 per month. The repayment period can be up to 5 years, and salary transfer is not necessary.
For more information about the Consumer Loan, head to the official website of the Bank of Bahrain and Kuwait.
2. Al Ahli Bank of Kuwait
Founded in 1967, Al Ahli Bank of Kuwait is a leading bank not only in the country, but across the region. Today, it operates 29 branches in Kuwait, along with numerous branches in Egypt and the United Arab Emirates, as well.
The bank offers the Consumer Loan, which can be used to buy a new car, household equipment, and other items. It provides financing of up to 15 times the applicant’s monthly salary, with a limit of KWD 15,000.
Al Ahli Bank’s Consumer Loan is available to Kuwait citizens and expat residents whose minimum salary is KWD 300 per month. Salary transfer is not required, and the maximum repayment period can be up to 5 years.
For more details about this loan, check out the official website of Al Ahli Bank.
3. National Bank of Kuwait
Established in 1952, the National Bank of Kuwait is the largest financial institution in the country. It has branches and subsidiaries in major cities worldwide, namely: London, Paris, Geneva, New York, Singapore, and China.
The bank offers different types of loans, including the Expatriates Loan. The loan amount can range between KWD 1,000 and KWD 70,000. Expats should have a minimum monthly salary of KWD 400 to qualify; salary transfer is required. Notably, borrowers can opt for early settlement without having to pay any additional fees.
Check out the National Bank of Kuwait’s official website to learn more about the Expatriates Loan.
4. Doha Bank
Established in 1979, Doha Bank offers banking services for individuals, commercial clients, and corporate clients. It operate overseas branches in Kuwait, United Arab Emirates, and India. It also has representative Branches in Turkey, United Kingdom, Germany, South Africa, Bangladesh, Nepal, China, Japan, South Korea, Singapore, and Australia.
To Kuwait citizens and expat residents, Doha Bank offers the Personal Loan. It provides financing of up to KWD 70,000. Those who are earning at least KWD 240 per month can apply. Salary transfer is not necessary, and the repayment term can be up to 180 months.
Head to the official website of Doha Bank for more details about its Personal Loan.
5. Commercial Bank of Kuwait
Established in June 19, 1960, the Commercial Bank of Kuwait is the second oldest bank in the country. It is one of the biggest financial institutions as well, having played an important role in many of the country’s infrastructure, construction, and other projects.
To its customers, the bank offers a Personal Loan, which provides financing of up to 25 times the borrower’s monthly salary. Loan amounts range between KWD 1,000 and KWD 25,000. The repayment term usually ranges from 12 up to 60 months.
To learn more about this Personal Loan, check out the Commercial Bank of Kuwait’s official website.
6. Gulf Bank
Established on November 23, 1960, Gulf Bank is one of the leading banks in Kuwait. It operates more than 50 branches and over 300 ATMs all over the country — providing consumer banking, wholesale banking, treasury, and other financial services.
The bank offers the Consumer Loan to its customers. The minimum monthly salary requirement is KWD 300, and the loan can be used to buy electronics, household furniture, and other items. The repayment term ranges from 12 up to 60 months, and salary transfer is not required.
Please visit the official website of Gulf Bank for more information about its Consumer Loan.
7. Burgan Bank
Headquartered in Kuwait City, Burgan Bank was established on December 27, 1975. It operates 24 branches and more than 100 ATMs all over the country.
One of the bank’s financial products it the Consumer Loan, which borrowers can use to pay for medical bills, tuition, and other personal expenses. Loan amounts range from KWD 1,000 up to KWD 15,000. Salary transfer is required, and the repayment period is usually between 12 up to 60 months.
To know more about this Consumer Loan, please visit the official website of Burgan Bank.
As you can see, whether you’re a Kuwait citizen or an expat residents, you have many options to choose from when it comes to personal loans. You don’t have to worry about major purchases since you can settle these through loan installments.
Meanwhile, if you are thinking about purchasing gold bars or gold jewellery in Kuwait. Check out this list of websites where you can buy gold online.