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Wednesday , September 30 2020

Loan delay for Kuwaitis – Interest, fees also suspended

KUWAIT CITY, March 25, (KUNA): Kuwait Banking Association declared on Tuesday domestic banks would delay payment of installments of consumer and installed loans for citizens for six months.

The banks are also cancelling interests and proceeds to be posted by this postponement or any other fees. The association said in a statement after an emergency board session that the banks would also postpone payment of the installments of credit cards for all Kuwaiti clients for six months, along with cancelling interests, earnings to be made from this delay or any other fee.

They will also delay installments of loans and credit facilities for the clients, namely owners of small and medium companies, for the same period, in addition to removing interests and earnings identical to those in the above mentioned cases. This measure is being taken in compliance with desire of His Highness the Amir urging the country stakeholders to take into consideration economic effect caused by the emergency situation against spread of coronavirus (COVID-19). The statement affirmed that the banks would take any precaution necessary to preserve the country financial conditions.

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