Can the bank give me a clearance?
By pekekoy_12 •
My contract in our company is going to end this month and my company will demob me. My company will cancel my visa end of this month and I want to go back in my home country. My problem is, I have a bank personal loan and I need to pay to get clearance from the bank. Can a bank allows & give me clearance if I will appoint my friend to be a guarantor to pay my remaining payments? My friend is willing to be a guarantor for me. Please advise me..Thanks to all..
sometimes they do, and sometimes dont based on case to case basis, some require Qatari and others require expats, some condition it to be the sponsorship
anyhow some companies dont require clearance when terminating you, so dont dig up first.
if you have a credit card it will be cancelled and your account will be suspended for 45 days.
if you dont have your end of service benefits will cover a part and the rest will be your total due.
not all the banks permit giving clearence even if you got a grantor, it depends on the bank and its internal policies and procedures, you ll have to ask first the bank, some allow and some dont.
what happens is that the company sends your termination letter to the bank, all along with the end of service benefits, which the bank blocks after spending the 45 day gaurantee for the credit card - if you have.
if you dont have a credit card, the bank will settle part of the loan with your end of service benefits, and the rest is the due part.
what i dont understand is if the company is going to terminate you, why they are not letting you go without a clearance, coz some companies permit such an act, so get sure what's goin on first.
Yes, your oustanding loan will be transferred under your friend's name.