Name of the Organization : Commercial Bank of Kuwait
Type of Facility : Apply For Consumer Loan
Country : Kuwait
Website : http://www.cbk.com/en/retail-banking/index.cfm?i=119
Apply For Consumer Loan :
Installment loan to finance the purchase of consumer durable items and other expenses (Excluding marriage) Loan terms are governed by CB directives as to Max. amount 15 times salary should not be exceeded KD15,000/- and for Max. period of 5 years,
Related : CBK Apply For Personal Loan : www.statusin.org/5894.html
The total monthly installment amount (all loans) should not exceed 40% of the borrower net monthly salary for employees and 30% for the pensioners.
Pricing:
Interest rate used is CB discount rate + 3% charged monthly on reduced balance basis.
Security:
Loan is granted against an irrevocable salary assignment including indemnity from pre-approved employer. (Private sector)Government employees’ salary assignment is guaranteed by the Civil Services Commission agreement with banks
Tenor:
Min. 12 months, and Max. 60 months
Amount:
Min loan amount is KD 2,500/- and Max 15,000/- while minimum installment amount is KD 50/-
Age:
Age of borrower is from 21 years to 64 years provided his age will not exceed 65 years on loan expiry
Insurance:
Optional, the borrower to be covered against death claims only, and pays on monthly basis 2% of the loan amount If the borrower does not wish to pay the insurance premium, a personal guarantor should be provided (Rescheduling for a period of 1year after the last installment and for a Max. amount of 12 times the installment amount)
Kuwaitis:
Max. amount 15 times the salary, amount should not exceed KD15,000/- provided Min. salary KD250/- with a Min. of 3 month employment (private sector), or 1 month employment (public sector) or 3 month salary payments with other banks, and 1 month salary payment with the Bank
Expatriates:
Max. amount 10 times the salary, or the indemnity cover, which is higher if Min. salary not less than KD400/- with a Min. of 4 months employment or Max. 10 times salary, plus the indemnity amount for Min. salary KD550/-, incase of Min. 2 years employment
Pensioners:
Min. account relationship with Altijari should be 3 months, with no past defaults, otherwise a personal guarantee is required
FAQs :
What if my credit card is lost or stolen?
If your card is lost or stolen, you should immediately report this to Commercial Bank of Kuwait – Call 1-888-225 and for overseas, dial +965 2299 0899. You won’t be liable for any unauthorized purchases or withdrawals from your account when you notify Commercial bank of Kuwait right away.
What are the documents required to open Al-Najma Account?
Civil ID Copy
Am I eligible for renewing my existing loan?
You may review your loan/s at any time you need.
What are the required documents to apply for a loan if I am (non-CBK Client)?
** Salary Certificate.
** Six Months account statement.
** Liability letter.
** Civil ID and work ID (for employees of Ministry of Defense, Interior and Oil sector)
** Copy of passport (for Non Kuwaitis).
What are the required documents to apply for a loan (CBK Customer)?
** Continuation of Salary letter.
** Civil I.D and work ID (for employees of Ministry of Defense, Interior and Oil sector)
** Copy of passport (for Non Kuwaitis).
Which ATM machines withdraw USD ($)?
The following branches include the withdrawal of USD dollars :
** MAK
** Salhiya
** Salmiya
** Farwaniya
** Airport
** Fahaheel
** East ahmadi
** US Embassy