Newspaper: There is no extension to postpone the installments of citizens’ loans in Kuwait

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Kuwait – Mubasher: At the end of this September, the provisions of Law No. 3 of 2021 regarding postponing consumer and installment loan installments for citizens for a period of 6 months, starting in April 2021, will expire.

According to responsible sources, the law will not be extended for an additional period, as banks and investment companies will start monthly deductions starting from next October’s salaries.

The sources said that Kuwait, as a contribution from it in alleviating the financial burdens and obligations on citizens as a result of the Corona pandemic, has postponed loan installments to citizens for a whole year, during which the banks bore the costs of the postponement the first time, which amounted to about 400 million dinars, while it bore the second cost of 376 million. Dinars, the state’s public treasury, with a total of 776 million dinars.

In a question about the text of the law that it is permissible by a decision of the concerned authorities to extend the postponement of installments for another 6 months, the sources said: “There is no intention for an additional postponement.”

The sources stated that postponing the installments is like extending the entire loan term for an additional year without charging the customer any additional fees or interest for the added period, and therefore there is no effect of postponing the installments on the interest rate of the granted loans.

The law stipulated in its fourth article that the funds necessary to implement the law be taken from the working treasury of the state.

The sources said that the total monthly installments of consumer loans and housing installments owed by citizens amounted to 197 million dinars, with a total of 12 billion dinars, excluding interests and returns. An amount of 3.1 billion dinars is the total interest and returns on the mentioned balance of those loans.

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