- Who is eligible for refinancing?
- Any customer who has been regular with the repayment of not less than 30% of the number of installments set out for his consumer or installment loan on their due dates is eligible for refinancing (rebooking). For example if a customer had taken a loan of 180 installments originally (15 years), the loan can be refinanced only if 54 installments have been paid.
- Customer should not be past due at the time of application.
- Partial payments cannot be considered as installments paid
- What does refinancing do (obtaining new financing)?
-NBK can grant a new loan from which the old loan can be settled.
-The new loan must be of the same type as that of the loan that is settled. For example, an existing consumer loan can be refinanced by a new Consumer loan only. The same applies for installment loans.
-Refinancing (rebooking) allows a customer to borrow additional amount without increasing his DBR.
- How much can a customer borrow additionally?
- The customer eligibility can be determined only after examining the customer’s income and his total liabilities on Ci-net.
- The same criteria for taking a new loan also apply during loan refinancing.
- What documents do I need to submit?
There is no change to required documents. You have to submit the same documents that are required for new loan. These are:
- Salary certificate/continuation letter
- Civil ID, Passport Copy (for Expats)
- Can I bring my loan from another bank to NBK? Or, can I transfer my salary from another bank to NBK although I have a loan with another bank?
Yes you can, NBK will close your loan with another bank and give you a new loan.
- 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.
- You have to submit all documents that are needed for a new loan including the liability certificate and 6 month bank statement from another bank.
- 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.
- Can I amend the term of my loan?
Yes you can, either by increasing your loan term (extension) or reducing it.
- What is in it for me?
- You can extend the term of your existing installment loan only up to 180 months from the start date of your loan. (60 months in case of consumer loans)
- If you have already taken a 180 month installment loan (or 60 month consumer loan), then you cannot extend the loan term any further
- Your loan should not be past due.
- Extending the term will decrease your installment amount.
- Your total interest payment over the loan term will increase.
- What do I need to do to change the term of my loan?
Please submit a request and provide all documents for a new loan like civil ID, salary certificate, etc… NBK will first check you eligibility and approve for changing the term of your loan.