cbk.com Apply For Personal Loan : Commercial Bank of Kuwait

Name of the Organization : Commercial Bank of Kuwait
Type of Facility : Apply For Personal Loan
Applicable Country : Kuwait

Website : http://www.cbk.com/en/retail-banking/index.cfm?i=120

Apply For Personal Loan :

Installment loan granted for the finance of Real Estate purchases or home renovations/improvements. Loan terms are governed by CB directives as to Max. amount KD70,000/- and for Max. period of 15 years,

Related / Similar Service :
CBK Safe Deposit Boxes

cbk.com Know Your IBAN

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 is payable monthly on reducing basis calculated at the fixed rate of 3% over CB Discount Rate. The applied interest rate can be revised every five years over the term of the loan to be in line with the prevailing CB discount rate at the end of each five year period of the loan’s tenor subject to the condition that the change (increase or decrease) in interest rate should not exceed 2% of the contracted interest rate.

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:
Minimum period is 24 months and maximum is 180 months for Persona Loan.

Amount:
Minimum loan amount is KD 5,000/-, and Maximum KD 70,000/- while minimum installment amount is KD 105/-

Age:
Age of borrower is from 21 years to 63 years provided his age will not exceed 65 years for the last year of the loan.

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 3 years after the last installment and for a Max. amount of 36 times the installment amount.

Kuwaitis:
Min. salary KD350/- with a Min. of 6 months employment (private sector) & 1 month employment (Public Sector) or 3 months salary payments with other banks, and 1 month salary payment with the Bank

Pensioners:
Min. account relationship with Altijari should be 3 months, with no past defaults, otherwise a personal guarantee is required

About Us :
Commercial Bank of Kuwait is one of the largest financial institutions in Kuwait with a strong and growing corporate and retail banking franchise providing innovative financial and investment solutions to its ever growing customer base.

Established on 19th June 1960, Commercial Bank is the second oldest Bank in Kuwait. From retail banking to mega project finance, CBK is mobilizing its substantial capital base and decades of expertise to assume a cutting edge role in Kuwait economy.

FAQs :
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).