Loan Buyout

Loan Buyout
Type of loan	Consumer Loans	Housing Loans
What is a loan buyout?	If you have an existing loan with another local bank or financial institution, you may be eligible to take a new loan that will be used to settle the old loan and potentially qualify to access additional funds.	If you have an existing loan with another local bank or other financial institution, you may be eligible to take a new loan that will be used to settle the old loan and potentially qualify to access additional funds.
Qualifying Requirements	30% of customers existing loan installments must be completed. No delinquency in payments on existing loan. Must be same type of loan (Consumer to Consumer).	30% of customers existing loan installments must be completed. No delinquency in payments on existing loan. Must be same type of loan (Installment to Installment).
Qualifying loan purposes	Financing personal consumption needs and cars.	Purchase of private house. Repair of private house. (non-commercial)
Number of months to repay your loan	Up to 60 months.	Up to 180 months.
Maximum amounts you may borrow	Up to KD 25,000 (or 25 times net monthly salary, whichever comes first).	Up to KD 70,000.
Required minimum net monthly salary (after deductions)	KD 300.	KD 300.
Required documents	Valid 6 month Bank Statements. Valid Salary Certificate. Valid Civil ID and passport for expats. Valid salary continuation certificate addressed to Gulf Bank. Valid receipts required within 6 month reflecting use for loan purpose.	Valid 6 month Bank Statements. Valid Salary Certificate. Valid Civil ID and passport for expats. Valid salary continuation certificate addressed to Gulf Bank. Valid receipts required within 12 months reflecting use for loan purpose.
Installment as a percentage of your monthly net income	40% for Employees. 30% for Pensioners.	40% for Employees. 30% for Pensioners.
Expected time to receive your loan	Customers have a two working day review period before loan is disbursed except for Medical Purposes.	Customers have a two working day review period before the loan is disbursed.