Loan payment collection postponed in Kuwait for six months

Collection of loan installments to resumes in November

Close-up of Kuwaiti bank notes (toned). Image used for illustrative purpose.

Close-up of Kuwaiti bank notes (toned). Image used for illustrative purpose.

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KUWAIT CITY: Kuwait Credit Bank Director Salah Al-Mudhaf disclosed that the Cabinet’s decision to postpone the collection of loan payments for six months covers around 150,000 citizens and the total value of installments during the period of delay is estimated at KD100 million.

He affirmed the decision stipulates the agreed monthly installment will not increase despite the postponement of collecting payments in order to ease the burdens of citizens.

He said the decision includes real estate, social, portfolio and women’s loans; confirming this decision was taken based on a comprehensive study prepared by the bank and submitted to the council with the aim of helping citizens cope with the crisis the country is currently going through.

He added the collection of payments will resume in November 2020. He stressed the bank remains committed to its promise to work in the interest of citizens; revealing that the customers who benefited from the online services of the bank during the suspension of work totaled 1,750 customers so far; while the disbursed amount reached more than KD7 million.

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