Outstanding loans reach over KD 13b

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‘196 million withdrawn in Aug’

KUWAIT CITY, Oct 16: According to data issued by the Central Bank of Kuwait (CBK), the total installment loans reached a level of 13.64 billion dinars, which is the highest during the past decade, reports Al-Anba daily. Kuwaitis in August alone (without taking into account the loans granted by the Kuwait Credit Bank) obtained about 196 million dinars, with a daily average of 6.3 million dinars per day. The daily added, these are long-term personal loans that the customer uses for non-commercial purposes, in particular to purchase or renovate private housing, and are repaid in monthly installments within a period not exceeding 15 years.

Beginning
Since the beginning of this year, the value of housing loans obtained by citizens from commercial banks has reached one billion dinars, about 936 million dinars during the first 8 months of this year. It is worth mentioning the Kuwait Credit Bank grants citizens a loan of 70,000 dinars to buy, build or renovate their own houses, but the value of this loan may be insufficient for many citizens to build a new house, and therefore they resort to commercial banks to obtain an additional housing loan which is given in instalments, in order to complete the construction of the house.

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