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%,while loans in Lebanese pounds have a 16%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 )
