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January 22, 2016 at 12:33

Central Bank of Kuwait instructs banks to calculate loan to expatriates based on current salary

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Kuwait City: The Central Bank of Kuwait (CBK) has instructed banks and financing companies to calculate the consumer loan granted to expatriates based on their current salary, reports Al-Anba daily quoting sources. Sources disclosed this instruction is part of the CBK circular on granting consumer loan to expatriates whose bank statements should reflect the salary deductions, if any.

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January 18, 2016 at 06:29

Procedures threaten to halt loans for expats

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KUWAIT: Supervisory instructions to the banking sector led to banks ceasing to grant expats installment loans up to KD 70,000, limiting their financial transactions to car loans and some consumer needs, although there are no specific supervisory instructions in this regard. Instructions by the Central Bank set the maximum limit of consumer loans at 15 times the salary, but should not exceed KD 15,000, and the total installments should not exceed 40 percent of the salary. Meanwhile, an installment loan may reach KD 70,000 and has to be paid back in 15 years.

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