AL MAL INVESTMENT COMPANY (KPSC)

عربي

FAQ

What are the types of loan products available?
We currently offer the following types of loan products:

Consumer loans
- Cash loans for medical, education, home furnishing, etc.
- Purchase of new and used cars and other durable assets
- Lease financing
Installment (housing) loans
- Renovation or purchase of private residence
What loan am I eligible for?

The purpose for which you need the loan will dictate the type of loan you will be eligible for.
What is the maximum tenure for consumer loans?

Maximum tenure for consumer loans is 60 months (5 years).
What is the maximum tenure for installment (housing) loans?

Maximum tenure for installment (housing) loan is 180 months (15 years).
What is the minimum tenure for any type of loan?

Minimum tenure for any type of loan is 12 months except for education loans which can have a minimum tenure of 6 months.
What is the maximum credit limit for consumer loan?

The maximum aggregated credit limit for consumer loan is the lower of:

15 times net salary OR KD 15,000
What is the maximum credit limit for installment (housing) loan?

The maximum aggregated credit limit for installment (housing) loan is KD 70,000 (including the maximum credit limit established under the consumer loan).
Can I obtain consumer loan to finance travel or marriage expenses?

These types of loans are prohibited by the Central Bank of Kuwait.
Can the house rent allowance be included in net salary while calculating the maximum credit limit under any type of loan?

The house rent allowance will be excluded from the salary when determining the maximum credit limit and total installments / net salary ratio.
What is the maximum allowed ratio of my net salary / income to my monthly obligations?
The maximum allowed ratio of net salary to monthly obligations is as follows:
- 40% of net salary / income
- 30% of net salary / income for retired individuals
What is the minimum age limit to avail a loan?

Minimum age limit to avail any loan is 21 years.
What is the maximum age limit to avail a loan?

Maximum age limit to avail any loan is 65 years – at the end of the loan tenure.
Where can I apply for a loan?

You may contact Al Mal Investment Company KPSC at 2225 4800 for more details or click on the below link to submit your inquiry:

http://www.almal.com.kw/Our-Products/Education-Finance
What are the required documents to process my loan application?
We need the following documents to process your loan application:
- Credit application
- Ci-Net customer consent form
- Civil ID copy
- Passport copy (with Kuwait residence visa page for foreigners)
- Salary certificate (along with copy of Authorized Signatory certificate)
- Bank statement (reflecting past three months’ salaries credited in bank)
When do you disburse the loan?

The loan will be disbursed after assessing your eligibility and completion of required legal documentation.
Do I need a guarantor?

We will assess your loan application based on your credit history, net salary, requested loan amount, existing liabilities, etc. and will determine if you need a guarantor or not. In case you do, we will inform you of the requirement.
What is the maximum interest rate for any type of loan?
Currently, the maximum interest rate is set at 5.25%.

Interest rate is dictated by ceilings set by the Central Bank of Kuwait and consists of two components:
- CBK Discount Rate of 2.25%
- Margin of 3%
What are the terms of Education Financing plan?
The major terms of Education Financing plan are as follows:
- 5% flat interest rate
- Zero upfront payment
- Up to 2 months grace period (for installment payment) from loan approval
- Flexible monthly installments
What schools are covered under the Education Financing plan?

Currently, the Education Financing plan is tailored for Al-Bayan Bilingual School, Kuwait.

However, we will bring more schools under this umbrella in the near future.
How to I repay the loan?
There are several options to repay your loan installment:
- Bank standing order
- Payment by cash or check at company head office
- Cash deposit in company designated bank account
Can I make early settlement of my loan? Do I still have to pay interest for the remaining loan period?

Yes, you can make early settlement of the loan in full at any time. You will not be charged any interest for the remaining loan period.
Is loan insurance obligatory?

No, insurance for customers of consumer or installment (housing) loans is not obligatory but optional.
How much can I borrow?
This will be determined by the following two factors:

Factor 1:

Consumer loan based on net salary

The maximum aggregated credit limit for consumer loan is the lower of:

15 times net salary OR KD 15,000

Installment (housing) loan

The maximum aggregated credit limit for installment (housing) loan is KD 70,000 (including the maximum credit limit established under the consumer loan).

Factor 2:

Based on total monthly installments / obligations

The maximum allowed ratio of net salary to monthly obligations is as follows:
- 40% of net salary / income
- 30% of net salary / income for retired individuals

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