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.
Interest rate used is CB discount rate + 3% charged monthly on reduced balance basis.
Loan is granted against an irrevocable salary assignment including indemnity from pre-approved employer. (Private sector)Government employees' salary assignment is guaranteed by the Civil Services Commission agreement with banks
Min. 12 months, and Max. 60 months
Min loan amount is KD 2,500/- and Max 15,000/- while minimum installment amount is KD 50/-
Age of borrower is from 21 years to 64 years provided his age will not exceed 65 years on loan expiry
Optional, the borrower to be covered against death claims only, and pays on monthly basis 2% of the loan amount If the borrower does not wish to pay the insurance premium, a personal guarantor should be provided (Rescheduling for a period of 1year after the last installment and for a Max. amount of 12 times the installment amount)
Max. amount 15 times the salary, amount should not exceed KD15,000/- provided Min. salary KD250/- with a Min. of 3 month employment (private sector), or 1 month employment (public sector) or 3 month salary payments with other banks, and 1 month salary payment with the Bank
Max. amount 10 times the salary, or the indemnity cover, which is higher if Min. salary not less than KD400/- with a Min. of 4 months employment or Max. 10 times salary, plus the indemnity amount for Min. salary KD550/-, incase of Min. 2 years employment
Min. account relationship with Altijari should be 3 months, with no past defaults, otherwise a personal guarantee is required