|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|CBK - Consumer Loan||Minimum Salary: KWD 250||Salary Transfer: No||Islamic Finance: No||Maximum Term: 5 Years||Flat Rate: 1.67%||Reducing Rate: 3.0%|
Installment loan to finance the purchase of consumer durable items and other expenses (Excluding marriage) Loan terms are governed by CB directives as to Max. amount 15 times salary should not be exceeded KD15,000/- and for Max. period of 5 years, The total monthly installment amount (all loans) should not exceed 40% of the borrower net monthly salary for employees and 30% for the pensioners.
- Age of borrower is from 21 years to 64 years provided his age will not exceed 65 years on loan expiry.
- Kuwaiti Nationals: KD 250 Min. of 3 month employment (private sector), or 1 month employment (public sector)
- Expatriates: KD 400, Min. of 4 months employment
- Min. account relationship with Altijari should be 3 months, with no past defaults, otherwise a personal guarantee is required
- Interest rate used is CB discount rate + 3% charged monthly on reduced balance basis.
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.