LOANS - TERMINATION

I have been on the same situation and the only answer to that is....it depends on your motive...

If you are planning to settle the loan and leave the country, i dont see any issues with that. However, if you want to leave the country and you have no means to settle your loan at the moment; there are two things that could possibly happen. First, if your salary is coming through a bank account delegated by your company and has direct contact with your company; as soon as your latest salary hasnt come in to your account then the bank will call the company to check and they will put you on their watchlist. At this point you will not be at all apprehended should you leave the country because the bank will suspect that you might have transferred to another job. Second, If your salary isnt goin to a company assigned bank then you should not miss any payment so that the bank will not put your name on their watchlist and alarm the authorities.

Technically, it is tedious to put someone's name on a hold departure order unless he or she has been filed with a criminal or penal case and a hold departure order has been passed to the court to the imigration.

Bottom line, if you dont missed your loan payments then there should no issues of barring you at the airport.

Be safe!

baldrick...you are so right man...

Taking high risk loans is very silly here.

Rajesh..On termination

1. Your company has to intimate the bank about your job status.

2. The Company blocks your exit.

3. It will also take away your end of service benifits. If your loan is within this then you can travel out or else you will have to pay every last penny.

Remember the case of "Man Stranded" here for 20yrs?

it's covered by insurance...

have you ever wondered why we pay too much interest?....

if it's not your fault that you got terminated, don't worry...but the bank will gonna have to take every single cent that your company will pay you as for your parting benefits....

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"The grass is always greener...over the Septic Tank"

Mandi, I've said it before and I'll say it again till I'm blue in the face ... If you can't afford it, don't buy it!

[rant on]

I have saved hard for every major purchase I've ever made out here. I walked into the Nissan dealer in Riyadh and bought a Patrol for cold hard cash. No worries, no what if's. The car was mine from day one. If I was sacked the next day I could leave without obligation.

To be honest, I can't see why banks give such loans, especially beyond someones contract term. If it were me, I'd be asking to see a contract and give only 50% of the remaining salary for the contract term.

[rant off]

insurance covers the loan incase of termination but if your salary is going to the same bank you will not get any money from your end of service benefit or ur last sal.

Aana free, jaana free,

Pakde gaye tho khana free.

I know this sounds really counter-intuitive and I don't mean to direct this at you, rajesh, but people, please don't take out loans that you don't have an alternative method of paying! In this economy and country it is much too risky. Jail in Qatar is not fun. Please, keep yourselves safe.

Mandi

It totally depends in which company you are working and from which bank you took loan.

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When the eye becomes the heart, the heart becomes the eye ... Wasif Ali Wasif

No. Insurance covers only death or injury. Job loss, I don't think..

normally banks offer you insurance at the time of processing the loan. the insurance covers your loan payment in case of your job termination. just check it from your bank

I would think that you would not be able to leave the country unless all was paid... i think they tend to transfer your final settlement to the bank to cover any loans....

Check with your bank. It would depend on the policies of that bank. But of course, the answer to that is for you to settle at any cost because they have the power to hold your departure on this country.

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"Admit your mistakes...before someone exaggerates the story."