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Tuesday , September 29 2020

Banks freeze expat loan installments

KUWAIT CITY, March 31, (Agencies): Kuwaiti banks announced the postponement of expatriates’ monthly loan deductions for a period of six months, in addition to cancellation of interest and profits resulting from this delay and any other fees, provided that it’s not withdrawn on credit card installments, reports Al-Rai daily.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 decision to postpone similar deductions for Kuwaitis as announced by the banks last week. Banking sources told the daily that “the postponement of monthly loan deduction will extend for six months starting from April’s salary until the salary of next September”, indicating “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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