How To Get Personal Loan In Qatar
Getting personal loan in Qatar through National and International banking is a non-secured for both National and foreigners. This personal loan is for very short term which do not exceed more than 48 months. So, if you are suffering from financial loss and you need a little bit financial support for business, family support or any medical reason you can easily get personal loan from National and International banks in Qatar. Are even if you are a national of other country, you can still take small term personal loan from any Bank in Qatar. But for that you will need a valid Qatar residency visa.
*MINIMUM SALARY REQUIREMENT
Most people have questioned that can I get personal loan in Qatar if my monthly salary is less than 3,000. This short answer for this question is that most of the worker in Qatar has monthly salary less than 3,000. And they can not get personal loan as the minimum for personal loan is 3,000.
HOW TO APPLY FOR PERSONAL LOAN
If you want to get personal loan from Qatar from a specific Bank you have to check the eligibility through their website. If you are eligible for their personal loan and you can agree to their terms and conditions then you have to apply for personal loan through the specified bank and do the further procedure.
*Step 1:- If you qualify for personal loan in the specified bank, then the first step you have to follow is to submit the callback form of that bank by filling it with your correct detail that are mentioned on the form. Keep in mind that the National banks of Qatar will for surely put the name of your company in the form in which you work.
You fill in and submit the form. Your form will be stepped forward for review to the staff. If the staff qualified you for personal loan and you seem secured to them, they will issue a loan against you. One of the major reason or fact that your application will be rejected for personal loan is the minimum requirement of salary because most of banks required minimum of more than 3000 per month.
*Step 2:- Once you have submitted the application form or callback form you have to check their interest rate which greatly depends upon your amount of salary per month. You need some more things to keep eye on while applying for the loan in the specified bank like penalty rates, installment defer rate facility and loan management fees. You should keep in mind that most of the banks in Qatar that provides personal loan required the transferring of your salary account to their bank if not then you must have you are on account in their bank.
Many of the banks in Qatar provide personal loan to those workers who work in the listed companies. And a very few banks provide loan to the non-listed country companies in Qatar.
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REQUIRED DOCUMENTS
- Valid passport
- Valid Qatar ID card
- Salary letter from employer in Qatar
- Salary certificate
- The bank and may require additional document
THE INTEREST CALCULATION
The requirement of documents for all of banks may be different because some banks will need only the above-mentioned documents while other will ask for additional documents to submit but you should keep in mind that the interest calculation in Qatar is same in all banks in whole GCC. You can check the interest calculation on the internet biodiesel is searching on the Google as already mention that does not matter which bank you selected but the interest calculation will be same for all.
HOW TO APPLY FOR PRIVATE LOAN
Same as the personal loan you have to check the eligibility criteria for private loan by going through the specified bank official website. Now the process for private loan is a little bit different from personal loan but let’s proceed to the procedure how you can apply for private loan in Qatar.
Step 1:- As of personal loan if the service is available you have to fill the callback form and submit it on the official website of the bank you have chosen. Keep in mind that some banks will need your registration at their website in which you have to provide your original information including monthly salary.
Step 2:- After submitting the callback form you have to prepare all the documents that are mentioned above. Keep in mind that some banks may require additional documents that will be listed on their official website. So, you can check those documents easily.
*Step3:- On the step 3 you have to visit the bank and you will put this Statement of amount you need. Don’t worry if you don’t have any specific idea because the banks staff will guide your specific amount on the basis of repayment capacity.
*Step 4:- After applying for the private loan by the guidance of bank staff. You will get the amount within a week. But it is advisable to be in contact with the credit department to know about the time the amount will take to transfer your bank account or either they need some additional documents to proceed your loan.
Step 5:- It is the last step in which the banks manager will approve your loan application based on the recommendation team of sales. Once your application is verified, your account will be credited with the amount you have applied for.
CONCLUSION
If you have a high-income job or a well running business you can get loan easily from any bank of Qatar. But if you are a low income generated then it is very hard to get loan from bank of Qatar unless your employer company is listed with the bank or your employer is ready designed as a guarantor on the loan application. Above what a very easy method of applying for personal as well as private loan in Qatar. Hope it will be helpful for you.
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