ABK supports doctors with zero interest loans

KUWAIT: Al-Ahli Bank of Kuwait (ABK), is offering all doctors working for the Ministry of Health (MoH) in Kuwait a zero-interest loan scheme. The offering is part of the bank’s ongoing commitment to supporting key health workers during the COVID-19 crisis. As an expression of gratitude to the nation’s frontline workers, the zero percent interest loan of up to KD 10,000 can be applied for by doctors in the medical community.

To meet the eligibility criteria doctors need to earn a minimum salary of KD 2,000 and should not exceed 20 percent on their Debt Burden Ratio (DBR). Additionally, they need to confirm their salary transfer with the bank and present a salary certificate with ABK’s account number.

As the virus continues to spread, the doctors at the frontline of the nation’s defense, exert

unprecedented efforts in the containment and mitigation of the pandemic, and face the highest risk of becoming infected themselves on a daily basis. The impact of COVID-19 has taken its toll on the industry and its practitioners, both physically as well as financially. According to a recent study conducted by McKinsey and Company on physician employment and the effects of this pandemic on the medical practice landscape, “but the demand shock from COVID-19 is unprecedented, and many physician respondents believe that the resulting loss of revenue will put their practices at financial risk. Six weeks into COVID-19, 53 percent of all independent physicians reported that they were worried about their practices surviving the COVID-19 challenge.”

The introduction of the offer highlights the bank’s relentless determination to doing its part in order to support and ease financial burdens of doctors. The limited scheme is not only a token of appreciation in recognition and honor all doctors fighting on the country’s behalf but a concerted effort to provide financial assistance to soften the impact of COVID-19.