1. Will I be charged interest during the payment holiday period?
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No – The deferred period is interest free for loans.
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2. Will my monthly installments change as a result of the payment holiday period?
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No – They will remain the same.
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3. When does the payment holiday period start and finish?
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The payment holiday will commence from the April due installment and end with the September due installment so the deferral will be for a maximum of 6 monthly repayments. For customers whose deferral starts in May the holiday will end in October.
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4. How do I apply for the payment holiday?
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If you wish to take the payment holiday, please contact: our call center 1899899 or through our online page.
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5. Can I take a payment holiday for a shorter period?
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No – the deferment may only apply for 6 months.
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6. Can I take the payment holiday on a new loan?
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No – This is only applicable for loans disbursed on or prior April 18, 2021.
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7. Will this extend my loan term?
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Yes, your loan maturity will be extended by 6 months.
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8. Does this payment holiday cover repayments in arrears?
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No – these are still due. It only covers the repayments from April/May up until September/October inclusive.
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9. Will I be charged any late payment fees?
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Not on the payment holidays for those from April – September. If there were repayments that are overdue currently then these will attract the normal bank charges.
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10. What products are covered for payment holidays?
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- Consumer Loans
- Installment Loans
- Govt Fund Loans
Excluded are Loans against FDs, Staff zero interest loans
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11. Who is eligible for the payment holiday?
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Kuwaitis with no legal action.
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12. What about loans in other Banks where I send a standing order payment to them?
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The standing order from ABK will continue to the Bank where you hold your loan unless ABK receives a request from your Bank to defer the Standing Order.
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13. What about loans at ABK where I have a standing order from another Bank?
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The standing order payment from your Bank to ABK may continue if they have not deferred the standing order. We will defer your installments once the request is received.
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14. For MOE customers – Will you block a number of repayments for my summer salary as I will be paid 4 months salaries?
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No as your monthly installment is deferred until October.
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15. Will the payment holiday affect my gift loan?
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Yes – the deferred installments will extend the loan term by 6 months.
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16. Are loans against collateral included in the payment holiday period and will the loan maturity be extended for 6 months?
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No – These are excluded. It is only consumer and installment loans.
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17. How will the interest changes every 5 years for installment loans be affected?
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The interest rate changes every 5 years will not be affected. It will continue on the anniversary from the loan disbursement, with the addition of 6 months.
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18. What will happen to Ci-Net reporting during the payment deferral period?
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Will be handled with no direct effect towards your profile.
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19. If I am already past due, will I still be required to pay the interest and late fees?
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20. Will my loan installment deducted in March be reversed?
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No because the payment holiday starts from April.
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21. Is there a specific period for receiving requests for a postponement?
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Yes, the customer must apply for a postponement within one month from the date of the law. The law was established on April 18th, 2021 so the one month period ends on May 18th, 2021.
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22. How will the loan deferment affect my loan if I wish to reschedule?
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Loans may only be rescheduled once 30% of loan tenure has been reached. The loan deferment will push this by 6 months.
Example: If original 30% was to be reached in July it will now be pushed to January.
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