Kuwaiti banks to expatriates: an expired visa does not mean a waiver of loans

The majority of those who have defaulted on their loans are people working as teachers, engineers and medical staff.
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Kuwait City: As many expats have started to leave Kuwait due to expired visas, some banks have started the process of suing overdue loans, Al Rai reported.

A source told Al Rai: “Loans taken out by expatriates are not canceled if their residency expires and some banks have started to sue defaulting clients abroad and their sponsors at home, with the help of companies. debt collection.

There are banks that will approve lawsuits even if the loan is as low as 50 Kuwaiti dinars, while others will determine the fee based on the weight of the funding, the source added.

In addition, banks will freeze debts first and leave room for settlements, if necessary, the source said.

By next month, there will be an accurate indication of the total number of outstanding loans by expats.

The source clarified that “the weight of money borrowed by expatriates is not a huge amount, in terms of value, because the loan limit for the majority of expatriates is specific, often oriented towards consumer spending, which have specified conditions based on wages “.

The majority of those who have defaulted on their loans are people working as teachers, engineers and medical staff.

Of the 4.4 million people living in Kuwait, three million are expatriates.

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