CBQ Personal Loan
Dear QL'ers
I did a search for CBQ personal loans and came up with a few personal experiences by others that had taken loans and now have to pay for a longer duration of time due to the variable interest option.
Has anybody come across other issues or shocks lately while applying for a loan and after it has been approved?
Just read in the fine print of Barwa Bank's personal loan scheme that there will be an amount blocked in your account equivalent to the monthly loan repayment amount (EMI) for the tenure of the loan.. I feel that this is illegal as after having paid the EMI, if a person deposits lesser money than the EMI in the account, then that money is also effectively blocked.. In a way, the bank is assured of the EMI amount on a 24x7 basis as long as there is money in the account.
Any comments or feedback?
Cheers..
What is the criteria for obtaining a person loan for an expats who is working in a private company?
taking loan is a risk... you will see in their contract that it's always in favor with the bank and not us... for all banks, I must say.
QNB, CBQ, mashreq is tested... for me, mashreq is better among the 3.
I've already inquire in Barwa... their offer is good, but your salary must not be less than 10k QR.
i am in touch with the bank agents as well.
You would agree that the persons that have taken a loan would be able to give the best opinion rather than an agent who is selling loans. Every agent promotes his loan product as the best value in the market. On enquiring further, the fine print says additional things which were not informed by the agent..
i understand from this forum that a lot of persons who had taken CBQ loans have been in for shock surprises later..
qnb and barwa has a flat/fixed rate...only CBQ offers variable rate.
why don't you call those banks agent...your questions will be answered clearly :)...
I was informed by a bank source that QCB has not changed its lending rate since 2007. As such, banks should not have also changed the lending rates since 2007.
Does anybody know if variable loan interest rates were changed on loans taken in/after 2007?
And what is the catch with the promotions on personal loans by QNB (5.55%), CBQ (5.99%) and Barwa Bank (2.02%)
even legal action will be taken from the bank if it is not paid
Aside from variable rate, nothing...
cancellation of credit cards may occur if you didn't pay your monthly due, that's what i know...
all banks, there's always a hidden charges
9.49%, thats too high
besides the variable rate increase from 3.99% to 9.49%, have you come across any other shock surprises? withdrawal of cheque book facility, blocked amounts, cancellation of credit cards..
guess there is no protection for the customer from variable rate increases, whether it be CBQ, QNB, Doha Bank or any other bank in Qatar..
Avoid CBQ, I have a car loan which I got for the rate of 3.99% interest (variable) rate for 60 months... after two years they added another 6 months installments because their interest for car loan now is 9.49%...
if you'll take a loan, make sure you have a project which will make you feel that you made the right decision...
do not make a loan from any bank here in Qatar or else you will regret it for the rest of your life... it's an ENTRAPMENT!!!!!
banks need to safeguard their money.