Bank Loan
I have taken a loan in a Bank based on letter from my company. Loan care premium of 0.45% has been charged by the bank. But, no guarantors for the loan. Now suddenly, I lost the job. My company is ready to give NOC and I am looking for another job.
Now what is the procedure for repayment? If I am not getting any other job, can I pay it from India? Is there any restrictions to travel to India before paying the loan?
companies do not give guarantee that employee will repay the loan :o) all that they're required to do is to provide a letter stating that "they will notify the bank in case employee is terminated". Clever companies include disclaimer that "they do not take any responsibility for employee's debt"... stupid companies do not include it and then panic that they may be liable to re-pay the loan and do stupid things.
Most of bank loans have insurance on them in case employee is repatriated / cannot repay. This is why I said speak to the bank :o) remember that the bank wants to close this off just as much as you do - they'll try to help you find the way to repay. don't listen to people who don't know, just speak to the bank
no chance easy enough
your RP because of the bank loan.
When you applied for a loan, your company gave assurance to the bank that your last pay and whatever due to you will be transferred to the bank (where you have a loan).
Your company has no choice but to give you an NOC so you could transfer your sponsorship.
Please note that an NOC is valid for 365 days (1 year) from the date of issue.
make sure you have your passport, its a possibility that your company will surrender your passport to Immigration/CID after 90 days. The company will not do it to cause you harm, but they want a clearance from the Immigration that you'll no longer be the company's responsibility.
which bank is it?
If you want to end it the right way, better speak to the bank. the 0.45% they collected might be a gurantor in the event of a fatality.particlrly If ur loan is on a salary account it will be difficult for u to leave without repaying them fully..hope u find a job soon
Your company might give you an NOC to transfer your sponsorship, but that's not the same as an NOC to depart Qatar.
I doubt very much they will give you the necessary clearance to leave the country without first settling the loan.
You better find another job, or borrow the money that you owe from friends, family or another bank and repay your loan.
I don't think you will get a clearance to travel. What is the guarantee that you will pay from India? The bank will be concerned about this aspect. You can check this with the bank as well. Hope u get a job soon.
If you do end up going back to India - do speak to you bank before you go. I know companies who will cancel your residence permit, let you book your flight... then make sure that police meets you at the airport.
Make sure you agree on repayments with bank if you are to leave Qatar.