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Sunday , November 29 2020

Banks resume deduction of loan installments

KUWAIT CITY, Oct 22: As of Wednesday, local banks have resumed the deduction of loan installments that they had stopped receiving for a period of six months from April to September as part of a voluntary initiative, reports Al-Qabas daily.

The banks had announced a six-month delay in deduction of loan installments for clients and small and medium-sized companies, bearing the financial cost involved in view of the economic repercussions that resulted from dealing with the COVID-19 pandemic.

The banks’ decision included postponing consumer loan installments and credit card payments for all local bank customers with the cancellation of interest and profits resulting from this postponement and any other fees. It also included postponing loan installments and credit facilities for bank customers who are SME owners for a period of six months with cancellation of the benefits and profits of this postponement.

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