In a notable shift, major banks in Kuwait are reconsidering their strategies for lending loan to expats after a four-year hiatus due to the COVID-19 pandemic.
In this regard, banks have instructed their employees to lift the block on resident financing, Arabic dailyAl-Rai learned from responsible banking sources.
This shift is not wide open, as the sources reported that the new trend is more restricted. This is due to customers should have a minimum end-of-service bonus of ten years of service and be employed by a major, stable company.
According to the developments, expats working in government agencies with salaries starting at 250 Kuwaiti Dinars will be eligible to borrow.
Private sector employees must earn at least 500 Kuwaiti Dinars and enjoy additional benefits, including increased end-of-service reward limits, due to banking concerns about default risks.
The eligible job list includes traditional roles such as judges, doctors, healthcare workers, engineers, teachers, administrators, and technicians.
The list also includes employees in cooperative societies, construction supervisors, journalists, administrators, technicians, and other similar professions.
It is reported that customers meeting specific conditions may receive loans exceeding the end-of-service bonus value, with additional margins varying based on job type, grade, and stability.
The maximum loan amount is capped at 25,000 Kuwaiti dinars, according to Central Bank of Kuwait.
