ABB launches new loan for newlyweds
Allied Business Bank SAL (ABB), one of Lebanon’s medium-size banks, launched a new loan product targeting newlywed couples. The bank is offering a three-year loan of up to $15,000 to couples in their 30s to help cover marriage expenses. Such coverage includes the purchase of furniture, and the costs of the wedding ceremony and honeymoon.
Couples need to be employed at a firm for 3 consecutive years, have a joint minimum monthly income of $1,600, own or rent a house, and be registered in the Social Security program. US dollar-denominated loans carry an interest rate of 12 percent, while loans in Lebanese pounds have a 16 percent rate. The bank’s general manager said ABB could accommodate couples who are not yet in their 30s or who do not meet all the conditions. ABB has earmarked $10 million for the loan program. — ( Lebanon Invest )