Loan Refinancing

About

Are you satisfied with your loan but feel you would be happier and more at ease if you had taken out more money? We’re here to help you get everything you need.
 

Loan Refinancing is available to you. This allows you to borrow an additional amount of money from which the old loan can be settled.
 

*Terms and conditions apply
 

Who can apply?

• Loanholder must have repaid no less than 30% of the total number of installments set for their consumer or installment loan on their due dates
• For example, if you have taken a loan of 180 installments originally (i.e. over 15 years), the loan can be refinanced only if 54 installments have been paid
• Loanholder should not be past due on loan payments at the time of application

What is it for?

• The new loan must be of the same type as that of the original loan
• For example, an existing consumer loan can be refinanced by a new consumer loan only (the same applies for installment loans)

What do I need?

• Salary certificate
• Civil ID, passport copy (for expats)

FAQs

1. How much can a customer additionally borrow?

   You can additionally borrow until your loan outstanding reaches KD 15,000 for consumer loans and KD 70,000 for all loans.

2. What do I need to do to bring my loan/salary from another bank to NBK?

   You should have paid 30% of the installments of your loan at another bank on their due dates NBK will assess your eligibility by checking your income and liabilities and approve your loan. Upon approval, NBK will start the process to settle your loan with another bank and grant a new loan with NBK.

3. What is the maximum DBR (debt burden ratio) that I am allocated?

   You cannot exceed the debt burden ratio (DBR) of 40%.

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