In what is seen as a competition, some local banks are offering up to 70,000 interest-free loans to Kuwaitis to be repaid over four years.
This happened following a news report published by the Al-Rai daily on August 28, about granting 40,000 dinars ‘interest-free loans to Kuwaitis’. The race has stretched to about 7 banks at the moment, with the least among them offering to lend 25,000 dinars without interest, in addition to cash gifts and exclusive benefits.
The target groups which can obtain good loans are those who earn high salaries. A banking source said the one who wishes to borrow 70,000 dinars must earn a minimum salary of 3,645 dinars, in order to be able to pay the monthly installment, which will be about 1,458 dinars, based on the instructions of the Central Bank of Kuwait, which set a ceiling of the monthly deduction of 40% for employees and 30% for retirees.
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