Proposal aims to extend loan repayment period for citizens
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
MP Bader Al Tamimi and other representatives submitted a proposal to extend the repayment period for personal loan installments provided to citizens by banks, suggesting the maximum duration becomes 10 years instead of seven.
Al Tamimi stated that since the Covid-19 pandemic, many citizens incurred losses and even lost jobs, which affected the ability of many to fulfill their financial obligations, especially bank loan installments, whether personal or for basic needs such as car purchase.
As a consequence, the living conditions of Bahraini families were affected. In the explanatory memorandum, Al Tamimi added, “It has become necessary to consider helping these individuals by extending the installment period for repayment of bank loans to a maximum of 10 years instead of seven.”
Al Tamimi affirmed that this extension will reduce the value of monthly installments, which will increase citizens’ ability to meet their financial obligations, purchase their basic needs, and shoulder the increasing cost of living in light of rising prices due to current global economic conditions.
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