Expats do not have to pay loan instalments for six month
Kuwait : Kuwaiti banks has allowed for the suspension of expatriates’ monthly loan deductions for a period of six months, and cancelled interests and other fees during this period, provided that the loan is not withdrawn on credit card instalments, reports Al-Rai daily.
This is in consideration of the exceptional circumstances Kuwait is going through due to the novel coronavirus (COVID-19) crisis, and also after the Bank passed a decision to postpone similar deductions for Kuwaitis last week.
Banking sources told the daily that “the postponement of monthly loan deduction will extend to six months starting from April’s salary until the salary of next September”, and highlighted “any financing or withdrawals from credit cards during this period will not be deducted, as the banks are slated to resume deduction from borrowers, starting from the October salary.”
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