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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.

Customers are required to provide proof of purpose (E.g., the intended purpose of the loan) for Housing loan only. Customers are required to submit original receipts that clearly show that the loan has been used for the purpose declared. Proof of purpose receipts must be submitted within 12 months for housing loans starting the date when the loan was disbursed.

Housing loans interest rates are reviewed every 5 years. (Your monthly installment amount may be subject to either an increase or decrease starting on the 61st month and the 121st month of your loan term). The maximum increase or decrease to your existing interest rate cannot exceed 2% of the applicable interest rate.

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.

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