31 March 2020
1. Will I be charged interest during the payment holiday period?
No – The deferred period is interest free for both loans and credit cards.
For credit cards, the interest will be applied on the 15th of the month and reversed the same day
2. Will my monthly installments change as a result of the payment holiday period?
No – They will remain the same
3. When does the payment holiday period start and finish?
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
4. What if I do not wish to take the payment holiday?
If you do not wish to take the payment holiday, please contact our call center 1899899 or send ABK a secure mail through Online or Mobile Banking
5. Can I take a payment holiday for a shorter period?
No – This is a one off
6. Can I take the payment holiday on a new loan or credit card?
No – This is only applicable for loans and cards up to 24th March
7. Will this extend my loan term?
Yes – By 6 months
8. Does this payment holiday cover repayments in arrears?
No – These are still due. It only covers the repayments from April up until September inclusive
9. Will I be charged any late payment fees?
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
10. What products are covered for payment holidays?
Excluded are Loans against FDs, Govt Fund Loans, Staff zero interest loans
11. Who is eligible for the payment holiday?
Kuwaitis, Stateless and Ex Pats
12. What about loans in other Banks where I send a standing order payment to them?
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
13. What about loans at ABK where I have a standing order from another Bank?
We have deferred your monthly installment for your loan at ABK until October. No funds will be deducted from your account at ABK to collect the monthly installment until October. However the standing order payment from your Bank to ABK may continue if they have not deferred the standing order
14. For MOE customers – Will you block a number of repayments for my summer salary as I will be paid 4 months salaries?
No as your monthly installment is deferred until October
15. Will the payment holiday affect my gift loan?
Yes – the deferred installments will extend the loan term by 6 months
16. Are loans against collateral included in the payment holiday period and will the loan maturity be extended for 6 months?
No – These are excluded. It is only consumer and installment loans
17. How will the interest changes every 5 years for installment loans be affected?
The interest rate changes every 5 years will not be affected. It will continue on the anniversary from the loan disbursement
18. What will happen to Ci-Net reporting during the payment deferral period?
Will be handled with no direct effect towards your profile
19. If I am already past due, will I still be required to pay the interest and late fees?
20. Will my loan installment deducted in March be reversed?
No because the payment holiday starts from April
21. Which type of credit cards are included?
All credit cards only (Charge cards are not included)
22. Do new Cards issued qualify?
No, only existing cards issued up to 24th March
23. If I have late credit card installments, will I be included in the payment holiday?
Any current unpaid installment will be required to be settled, and interest and late payment fees will still apply until such a time the card payment is up-to-date. No new Payment will be required from April until September
24. Will I still be required to pay my annual card fee?
Yes, you annual card fee will be billed as normal, however this amount doesn’t need to be paid during the payment holiday
25. Will I be required to pay cash advance/ATM withdrawal fees on credit cards?
Yes, these fees will be charged as normal
26. Are Credit Cards against collateral included in the payment holiday period?
27. What fees are being waived?
Interest fees, monthly service charges and late fees
28. Is it only existing balances/transactions that qualify for the deferral and interest waiver, or is it all transactions during the deferral period?
All transactions that occur before or during the deferral period will be included
29. Will my monthly repayment on my Credit Card change?
The minimum due for credit cards will be as per the customers selected repayment % for their balance due in October
30. Will I be required to pay the amount that is over my Credit Card limit
Yes, any amount that is in excess of your Credit Card limit will be recovered in full during the normal monthly payment collection as per the normal practice.