Increased Interest rates on exsisting loans

This is not only with doha bank.

I am having a personal loan with Commercial Bank.

Recently they have increased the personal loan interest rate from 9.75 to 12.5 :( .

It was not fixed interest rate but varying depending on central bank interest rates.

When i checked with the Bank they said the Central Bank has increased the interest rate.

Why the central bank has increased the interest rates now while it is coming down internationally?

Anybody has any clue?

Yes forgot to mention try Al-Khaliji Bank. There customer support/service is excellent. There service really amazed me when I moved there. Good Luck Qlers.

Peace.

Doha Bank is the worst I believe. I was having an account with them but I quited some time back. There service in the last five year had gone so bad that I cant take it anymore.

I hope the management there take notice of it. No offense to Doha Bank customers but I just shared my experiences with Doha Bank.

Peace.

so far they've stopped my ATM card twice, without notice, same with credit cards..Hubby goes down and fills out paperwork to get it all started back up (never did say WHY they stopped it...certainly wasn't due to nonpayment!!) then the card works for 1 month..and again is stopped. This time someone has compromised our card...WHAT??? This is one of the super chip cards that is SOOO safe, so they say...anyway...after stopping it, hubby finds several charges from AUSTRALIA on our bill...goes to talk with the bank and are told that it will take 6 months for that to clear out. Meanwhile, MY credit card isn't working and they can't figure out why...and my ATM card only works when you run it UP the machine VERY slowly and hold your breath...I'm sick of the incompetent employees there.

Ohh and I went to go transfer money late one morning because their internet services weren't working..and the employee tells me that if I come earlier it would be much easier for HER!!!!! If I could have come earlier, I would have!! Um, what happened to customer service?

Grant me the senility to forget the people I never liked,the good fortune to run into the ones I do,and the eyesight to tell the difference.

It used to offer great (customer)service but I guess they hire PEOPLE who are either RACISTS or just hate you for what you are coz your a different nationality.

I spoke with my boss yesterday...and she's gonna call the bank and kick some hiney...lol

You can't teach experience...

Doha Bank is joke...increasing interest rate more than 2pct for the existing customers who have already taken personel loan from the bank this is cheating. visited bank personelly but no use,customer service staff told me that this higher management decision we cant do any thing.any comments from Qlers..?what can one do in this situation where bank is increasing interest rate without informing its customers..?

http://thepeninsulaqatar.com/Display_news.asp?section=local_news&month=january2009&file=local_news2009011034320.xml

Qatarisun, you're absolutely true.

Sometimes my english is deficient ;-)

I ammended. I know it can a variable rate loan, but Muffin wrote on the third comment and it was a fixed rate loan.

War looking for peace,

is like fornication looking for virginity.

Sorry, I dont understand.

You have a contract. Bank gives you X QAR with an interest of Y % to be paid monthly during N months.

Black and white, signed and stamped, isnt it?

They cannot charge you more unless there is something in the fine print of the contract (Bank reserves the right to change interest in case libor goes upper than... or something like this).

Please share your findings, Im really interested...

War looking for peace,

is like fornication looking for virginity.

eu31, first of all, NOT the bank owes him. It's the other way around: He is the one who owes the bank.

second of all there are different types of the loans: with the fixed interest rate and with the non-fixed interest. Probably the guy got the second type of the loan, and might not be aware of it.

*********************

“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry

i was just offered a very good rate,...just couple of hours ago...

*********************

“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry

lolz cool chick you sure can handle your drinks..

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HE WHO DARES WINS

nah, UkEng... i have been offered a very good rate right after the second drink.. this one with the fire.. :)

now me thinking: do i NEED a loan in the first place?

*********************

“You become responsible forever for what you have tamed”. Antoine de Saint-Exupéry

QS was that you in the car park wondering around looking for a good rate.lol

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HE WHO DARES WINS

i got an advice from HSBC that they are increasing their interest rate by 2%.

you'd be well advised to stay away from HSBC. I have a catalogue of crapness from them. The latest is. ... a fraudulent transaction on my credit card in December. They will charge interest on it anyway! I couldn't believe it.

I'm sure their loan interest rate has gone up too. I must find out

Same thing happened to me also I have a personell loan too with Doha Bank with out my knowledge they have deducted more interest this time, when i send email to them they replied saying that they cannot assist me I have to personelly visit the branch from where i have taken loan, this is ridiculous,if they keep increasing the interest rate like this I wont be able to pay off the loan at all and may be it will take very long time and moreover how can they charge us without any justifications one fine morning they decide to charge 25% interest rate..?

Vegas...

re-read the post, nothing to do with late payment, just a general across-the-board increase in interest rates. Basically the bank trying to squeeze every penny out of people (especially those who have being paying on time, because this would mean they have the money, no use trying to get money out of someone who doesn't have it)to cover any losses they may have sustained while 'playing' the markets.

Good Lord, I'm stunned speechless. That's some fine print for a fixed-rate loan. I guess I'm shocked but not surprised.

Mandi

You can't teach experience...

Just an update....

I do have a fixed rate loan apparently it means nothing to them. I should feel better that this change is across the board, 'for everybody, new and exsisting loans'(in case I felt left out, I suppose).

What was really amusing was how I was told this is an International Bank (???) and keeps up with the markets hence interest rates can go up and down. I don't seem to recall them going down when the US Dollar hit rock bottom!!!

Also regarding not informing me about the increase....'we have 1000's of customers we can't tell everybody!' I wish I could say they were saving the environment by not sending out letters but what's the excuse for not sending an email or text?

Anyway long story short, I'm moving banks and am very glad to, good riddance to old rubbish. I do wish I could meet the people who gave them all those awards for 'Excellence in banking' etc we must not be talking about the same Doha Bank.

Goodluck to all those who continue to bank with them.

Unless you have a fixed rate loan, go figure!

Did you Google it first?

The same banks that aren't affected by the global financial crisis huh?