CBQ Car Loan
Hi all,
I applied 2 days ago to get a car loan and i got the approval but i was asked to sign 6 checks of the loan amount covering the loan period which is 3 years (1 for every 6 months)a 7th one incase i postpone some installments.
I work for aljazeera and my salary is deposited in the same bank so i don't get y do i have to sign those cheques if the car is under the banks name anyway.
Can anyone clearfy this & does this apply to all banks ???
Smoke
I'm not paying the loan every 6 months. I pay it monthly (deducted from salary) those cheques are security deposite for a 6 months period for ex. if u pay 1000 every month the chque would be for 6000 and will be given back to u after every 6 months of payment
Ayman
Its not that i'm afraid, it just doesn't sound right. I mean whats the benefit of having my salary deposited in that particular bank i could have it deposited at any other bank because i only choosed cbq because they have the lowest rate for car loans.
I mean everything under there name CAR, Salary & any other benefit that i might get from my work place isn't that enough for them as a gurantee
100 BUCKS for bank statement? with QNB I got mine printed out online from website and just had to take it to them to get it stamped..for FREE.
My salary also going to the CBQ, I needed bank statement for family Visa...they charged 100 Riyals for that...even they are not paying any intrest for our money .. really bad...
it is the normal practice of all the banks right now. whether take car or personal loan with salary transfer, have to give a security cheque for every 6 months, as this add extra security for the bank. but the 7th one.. i think tht i heard first time...
and btw there r sm banks which can do all the unexpected things to give loans, like the one mentioned by a fellow.
HI
these cheque are extra security for the bank,even your salary is with CBQ they have to take them to secure the loan.
if you are planning to pay regularly your loan, why r u affraid to give these cheques??
CBQ ?????? a BIG NO. They sucks..
it's better you might transfer your account to the other bank because this CBQ is sucks....
Signing cheques for a car is nothing new and banks do it all the time. However in your case i dont know why it applies as the salary is going directly to the bank you are taking loan from. And how are you paying every 6 months?
so they could have the chance to sue, jail and block u in Qatar. that's a fact, believe me.
Oh ya ... damn thank god i didnt sign those cheques something sounded when fishy never heard of a signed cheques for a car
I got a car from IBQ, and my account is in the same bank, when ever my salary is credited into my account the bank deducts 1500 QAR for the car. My bank didn't asked me to give any cheques at all.......