Commercial Bank of Kuwait Personal Loan - Consumer Loan in Kuwait

Minimum Salary needed KD250/- for Kuwaitis & KD400/- for expats
Maximum amount available KD 15,000
Length of Loan 5 years
Profit Rate Interest rate used is CB discount rate + 3% charged monthly on reduced balance basis
Upfront Fees ( if any ) Not mentioned
Eligibility The total monthly installment amount (all loans) should not exceed 40% of the borrower net monthly salary for employees and 30% for the pensioners; Loan is granted against an irrevocable salary assignment including indemnity from pre-approved employer. (Private sector)Government employees' salary assignment is guaranteed by the Civil Services Commission agreement with banks; Age of borrower is from 21 years to 64 years provided his age will not exceed 65 years on loan expiry; Min. of 3 month employment (private sector), or 1 month employment (public sector) or 3 month salary payments with other banks, and 1 month salary payment with the Bank for Kuwaitis and Min. of 4 months employment or Max. 10 times salary, plus the indemnity amount for Min. salary KD550/-, incase of Min. 2 years employment for expats; Min. account relationship with Altijari should be 3 months, with no past defaults, otherwise a personal guarantee is required
Main Features Optional, the borrower to be covered against death claims only, and pays on monthly basis 2% of the loan amount If the borrower does not wish to pay the insurance premium, a personal guarantor should be provided (Rescheduling for a period of 1year after the last installment and for a Max. amount of 12 times the installment amount);