Loan Payment
Hello All,
I have a loan in UAE and so far i am paying regularly till this 1st July-2014 (every month since 9 months). It is 4 year contract and unfortunately I lost my job last month in UAE and now I am in QATAR (with employment) and the bank has a branch in Qatar too . Is it posibale to pay the money in Qatar or I should pay it in UAE only ?.
Kindly Advice.
Hi Anil,
I had same issue with the loan. When I check with the bank, they said it is not possible to make the payment in Qatar for a loan that you took it from UAE (Because you took the loan based on UAE central bank rules and the banks in Qatar operates as per Qatar central bank rules). Thereafter I used to send money through Qatar-UAE Exchange, but you need to send the money at least three days in -advance to your payment date. Later on I took a loan from here and settled the loan in UAE.
Options:
1. Make the payment through UAE Exchange.
2. Every month send money to a trusted person (close friend/relative) using western union or X-press money, and request them to deposit to your account. Using online banking check whether the payments are made or not.
3. Take a loan from Qatar and send the cash to your friend/relative in UAE. Assign him as an authorized person (for that you need to send an authorization letter to the bank) to settle the loan in UAE. I made the settlement using this option.