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Posted On: 14 January 2009 08:35 am
Updated On: 12 November 2020 02:09 pm

Banks tighten rules for giving car loans

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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. HSBC 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 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.