Personal loan and termination
Dear All ,
Requesting valid and clear advice regarding my below concern .
Since 2015 February I am working with a semi government organization in Qatar and recently I got termination letter with 2 months notice period due to man power reduction strategy . I have a personal loan also and its clearly said by company that they wont provide NOC to join other companies as I am hired Internationally . And due to some critical reasons I am unable to arrange the whole amount as of sudden . I have offers from other Qatar companies with better salary package .Kindly guide me that how to come out from this situation . Loan insurance covered death and permanent disability only , nothing mentioned about Job .
Please guide .
Please guide .
As far as I understand in your case you have to return back the balance loan amount by all means and exit from Qatar because the company has exclusively mentioned that they won't give you NOC, even if you have offers don't expect anything from the company. In rarest of rare case it might be possible that you approach the bank and show them the offer letters from other companies and they could legally advise your organization to grant you NOC. I am also of the opinion that you cannot transfer your sponsorship even if both parties agree because as per present Qatari laws you need to complete 2 years minimum to transfer. However if the thing goes as per my second opinion still you wont be able to go for vacation or exit Qatar until you arrange a guarantor Or repaid all the amount . I believe your employer has already informed the bank about your termination. So contact the bank and explain your situation. I also heard from my friends that due to recent fall in oil prices many companies are forced to fire their employees and there are people similar to your condition who are in prison. So don't wait till the last minute.All the best
Pay your loan immediately or get the NOC and move to another company. Thus you can keep paying the loan installments. In all cases you have to pay, and I find it strange that you are saying you cannot pay back the loan. If it is a car just sell it and pay back. I wish you all the best.
If he could arrange an NOC from current employer then no need to do anything just join the other company and continue your loan..... so moral of the story is "get the NOC" without this you cant do anything.
First convince your current employer to give NOC. Then only you can get a job here..after that approach to bank
Here is the clear advice:
1. Speak and finalize with the new employer as early as possible, then speak with the bank, who would ask for the following in such cases:
a. Arrange a guarantor
b. Arrange a new salary transfer letter from new employer.
The Bank would switch over the loan to your new arrangement after completing some paper work. Generally this is done, but if the bank and bank official are rigid, u may face some difficulty.
Before finalizing with new employer, u need to check with your bank, if the new employer is in their loan approval list.
Another option is to speak with another bank and ask for approval of fresh full amount loan as per your new job and higher salary, then settle the old from this loan.
Oh no..
the best thing is to talk to the bank directly! do not listen to people as the experiences are different! there are ways to come out of this issue!