More Bahrainis borrow cash for cars than marriage

BANK LOAN: The majority of Bahrainis spend their bank loans on buying cars.

More Bahrainis looking for bank loans borrow cash for a car than for marriage, a new survey has found.

Buying a new car is the most common reason people take out a loan, according to a survey by the Bahrain Centre for Studies and Research, reported in the Gulf Daily News.

Figures show 27 percent of people borrow cash to buy cars, while 10 percent borrow to pay for their wedding.

Building a home accounted for nine percent of bank loans, while furnishing a house, making renovations or expensive holidays were seven percent.

Other reasons for loans include education (six percent), to make repayments on a previous loan (four percent), to buy land (four percent) and for medical treatment (three percent).

According to the survey, 48 percent of Bahrainis take out loans of between BD1,000 to BD 10,000 ($2,650-$26,500), while 24 percent take BD10,000 to BD20,000. Eight percent take loans over BD20,000.

A total of 401 people took part in the survey, of which 62 percent were men.

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