Depending on customer's needs, customers have two options to choose from when it comes to borrowing:
- Consumer Loans: A medium term personal loan repayable in monthly installments during a period not exceeding 5 years.
- Housing Loans: A long term personal loan repayable in monthly installments during a period not exceeding 15 years.
Consumer loan is a medium-term personal loan, maximum of 5 years, extended to a customer for the purpose of financing personal consumption needs.
Housing loans may be used for the purpose of borrowing for the purchase and repair of a private residence (non-commercial).
There are different limits for the consumer loans and housing loans. The maximum borrowing amount for consumer loans is up to 25,000 KD or 25 times net salary whichever is less, and the maximum borrowing amount for installment loans is up to 70,000KD. Subject to Gulf Bank credit policy.
Gulf Bank shall review the applicable interest rates every five years during the term of the loan and change the interest rate to be applied in line with the rate announced by the Central Bank of Kuwait at the end of every period of five years of the term of the housing loan (the installment amounts shall be changed with effect from the installment No. 61 then installment No. 121 provided that the amount of the change may not exceed 2% (by increase or decrease) above or below the contractual rate of interest applied under the Loan Contract before the change.
If you have an existing loan with Gulf Bank, you may be eligible to take a new loan with Gulf Bank that will be used to settle your old loan and potentially qualify to access additional funds subject to the below:
- Loans must be of the same type (Consumer to Consumer) and/or (Housing to Housing).
- You should have made at least 30% of the number of monthly installments required for you to complete the term of your loan. Subject to Gulf Bank Policy.
If you have an existing loan with another bank or other financial institution, you may be eligible to take a new loan from Gulf Bank that will be used to settle your old loan and potentially qualify to access additional funds subject to the below:
- Loans must be of the same type (Consumer to Consumer) and/or (Housing to Housing).
- You should have made at least 30% of the number of monthly installments required for you to complete the term of your loan. Subject to Gulf Bank Policy.