Kuwait Finance House (KFH) has launched its Financing against Cash Collaterals Online service. This service enables customers to complete their financing transactions through KFHonline, accessible via both the mobile app and KFH's website.

Executive Manager Personal Finance Products at KFH, Abdulaziz Alsaeed said that Financing against Cash Collaterals Online is one of the most effective financing solutions offered by KFH to its customers. This innovative solution directly addresses their financial needs.

Alsaeed added that this service enables customers to submit a financing request 24/7 without the need to visit KFH branches. Customers with investment deposits or savings accounts can obtain financing for their purchases without encountering limitations on installment amounts, indebtedness, or the need to provide various documents or fulfill additional requirements. This product caters to the commercial needs of retail customers who want to start their own businesses in various fields, including real estate, healthcare, engineering, law, crafts, fitness, automotive, and more.

He explained that financing is determined by the value of the deposit or the blocked amount in the customer's savings account. Financings are granted against collateral that covers the entire debt amount. This collateral is placed on either a fixed deposit or a blocked amount in the customer's personal savings account.

Customers enjoy additional benefits such as competitive profits and a credit period of up to 10 years, with a simple and hassle-free transaction process. The deposit profits remain accessible to customers and are not tied to the specific transaction. Furthermore, customers can leverage multiple deposits to secure financing for a single transaction, and there is no maximum financing limit providing that the deposit value covers the debt amount as per regulations.

This service showcases KFH's commitment to offering new financing solutions at competitive rates. This service streamlines the application process, minimizing time and effort for customers. For example, the service eliminates the need for direct salary deductions, certificates, or guarantors, ensuring a swift transaction that caters to customers' needs. Furthermore, customers continue to benefit from special profit rates distributed across their deposit and savings accounts, even after obtaining financing.

To qualify for Financing against Cash Collaterals Online, the deposit used as collateral must be registered in the name of the borrower seeking the financing. Additionally, the deposit amount must cover the entire debt, including both the cost and the profit. There are no limitations on the transaction amount or the monthly installment amount. Additionally, financing through joint accounts is not permitted.

This service is available to retail customers and is considered the fastest and easiest way to obtain financing. It bypasses lengthy procedures and offers immediate approval based on the customer's financial solvency. The service aims to provide exceptional customer service and create a competitive advantage for KFH customers with existing deposit and savings accounts. This approach strengthens cross-selling efforts and reinforces the "one-customer" concept. Additionally, it establishes a unique connection between the service and product ecosystem, offering customers special benefits that foster stronger relationships and communication between KFH and its customers.

KFH is committed to providing cutting-edge technological solutions that enable customers to access services quickly and efficiently. This ensures that all customer needs are met with the highest standards of innovation and quality, which remain at the forefront of the bank's priorities.