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Sunday , October 24 2021

Postponement of loan installments for additional 6 months a possibility

KUWAIT CITY, Aug 17: It is permissible to postpone the installments of consumer loans and installments for eligible citizens who wish to do so for an additional six months, reports Al-Anba daily quoting informed sources. They explained that the postponement of installments does not require a new law. The law that was officially published in April and was applied in May for a period of six months may be extended for an additional six months through a decision by the concerned authorities.

Installment loans may be postponed by a decision from the government for the bodies subject to it and covered by the law, namely the Public Institution for Social Security, the Finance Bank, the family and defaulter funds, as well as by a decision from the concerned authorities for consumer loans, namely local banks, investment companies and financing companies subject to the supervision of the Central Bank.

If the postponement is approved, it will be the third postponement of loan installments, as the first decision to postpone the installments for six months was taken at the initiative of the government and in compliance with its constitutional role, as well as after taking into consideration the financial conditions of citizens in light of the COVID-19 crisis. The sources affirmed that the government took the initiative based on the directives of His Highness the Prime Minister Sheikh Sabah Al-Khaled Al-Sabah who asked non-governmental bodies to postpone the installments, and agreed to postpone the installments from the government agencies affiliated with them. A parliamentary proposal was then approved to postpone the installments for another six months.

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