Qatar: Banks tighten rules for giving car loans |
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DOHA: Banks here have raised the minimum salary limit for customers seeking loans to finance purchase of a vehicle. Some banks have also made it mandatory for customers to have had at least two years of continuous stay in Qatar to be eligible to apply for a car loan. The requirements differ from bank to bank.
HSBCHSBC
requires a minimum gross salary of QR20,000 to sanction a vehicle loan. Some other banks require a lower salary, but have imposed other conditions.
The Doha BankDoha Bank stipulates a basic salary of QR7, 500 and the applicant should have had two years of continuous employment with a company. The bank also requires an official document from the employer certifying the loan seeker's occupation and salary.
The Commercialbank (CBQ) stipulates a basic salary of QR4,000 but the employer of the applicant should be reputed and acknowledged by the bank for holding a good financial record.
One of the newest banks in the city, Al Khaliji, too requires a lesser basic salary to authorise an automobile loan but it would go by the reputation of the employer of the loan applicant.
© The Peninsula 2009
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