QNB postpones loan payments during Ramadan month -- what does this mean?
By starry_eyed •
does it mean the whole term period gets extended for a month while they do not deduct payments for this month -- or is it just postponed for a month -- so I end up paying for this next month on top of my October payments?
When I went to QNB, I was just told by the Arabic lady that it's FREE for this month -- as in free? they will shoulder it for me?
Pls help explain. thanks :)
Almost all banks provide this facility. You can defer upto two installments a year with some banks. However they will certainly take some charges (which is normally QR.250/- per installment) and ofcourse interest will continue to accrue.
Basically, you are taking another loan worth of your existing loan monthly installment for the remaining tenor.
You will pay interest for whole period. Advise: If you can afford it do not postponse
They simply delay your payments a month,
and all what comes with it,
you can call it a one month grace period for every Ramadhan!
so if you have 12 months to pay , it will be delayed 1 month and thus you pay your final dept on the 13 month.
did that make any sence to you?
Ramadhan Kareem
:-)
Here is the office press release from QNB website:
http://www.qnb.com.qa/qnb/NewsArchive.jsp?currentPage=QNBArchiveNews&LangPref=en&assetid=1217750629824
Payment is postponed, no postponement charges, but interest will accrue for the month.
on your next payment they will charge you interest for not paying for the previous month.
Either way the banks will make money as they will charge you more for that service
It means, if u haf got a personal lon r car lon r somthn els, they will not deduct ur installment on this month cos of ramdan .. but fr sure they will charge interest for that.Somtimes they deduct the interest on the next month including this month's..
If u dont want this stuff, u can request to ur QNB/..