Why You Need A Personal Loan In Kuwait: 3 Good Reasons

Posted by amrina alshaikh on December 18th, 2019

Life is full of ups and downs. You need to buy certain things to make life more comfortable, while you must invest bigger sums of money to fulfil personal and familial obligations. However, you may not always have the necessary financial wherewithal to pay for these needs. At such times, a personal loan is of great help.

#1 You have an urgent medical procedure to pay for.

Medical emergencies always come unannounced. A grim medical diagnosis can shake you to your core – and it costs a lot of money to get better as well. Your health insurance may cover only a part of the costs associated with treating a serious ailment, whether for yourself or a loved one. The treatment must be taken at all costs! At this juncture, you can apply for a personal loan in Kuwait to treat a serious illness, or undergo surgery, or take extensive physiotherapy. The personal loan money is disbursed to your account quite quickly after application.

#2 You wish to finance your child’s education or wedding.

Your child is the centre of your universe, and you will do anything for them. You want them to grow up into responsible, well settled citizens with a good education. However, higher education can be prohibitively expensive. Your child may have set their heart on receiving a Masters’ degree in a prestigious foreign university, or have a lavish wedding ceremony. As a parent, you are bound to fulfil these wishes – but where should the money for them come from? Don’t fret over it: just apply for a personal loan and make your child’s dream come true.

#3 You want to take a sabbatical from work.

The pressures of everyday life, the monotony of doing the same job for years…it can all begin to jade you. Boredom can strike the death knell for your career, and affect your work performance. In turn, you end up jeopardizing your future prospects with the company, and short term promotions and increments. Sometimes, you need to take a sabbatical from work – albeit just for a couple of three or four months – to assess your job, work-life balance, whether you are fulfilling any of your professional goals, etc. However, you are worried about what the absence of an income will do to your home finances if you stop working for a few months. When you take a personal loan, you won’t need to worry about the household expenses till you find your professional calling again. Once you resume your job, you can simply pay back the loan.

Leading banks in Kuwait, like NBK Capital, are offering personal loans in Kuwait at competitive rates of interest, and easy application processes. Consider some of the points to note about these personal loans:

• You must be an existing bank customer, or open an account with the bank that you wish to take the loan from
• You may borrow a maximum of KD 25,000 for a short term (12 to 60 months), and a minimum of KD 1,000
• You must apply for the loan with these documents: your salary certificate, salary transfer certificate (in case you transfer your salary to the lending bank), copy of your civil ID, completed application form
• The personal loan money may be used to pay for your children’s education, or to buy a home or personal appliance, or to pay for a medical procedure, etc.
• Your age should not exceed 70 years at the time of loan maturity
• You should be employed, with a good credit history. Your minimum salary should be KD 400
• You may choose to repay the loan before its tenure is up, at any time, without any foreclosure charges
• Leading banks allow you to insure the personal loan to safeguard your family in case you are absent while the loan is still unpaid

Taking a personal loan in Kuwait is not just easy, it is one of the best ways to raise capital quickly. The money is granted based on your income, age and credit history. If you have any other loans to your name, it would be advisable to repay them before you apply for the personal loan – this helps clear up your credit history.