CBQ Loan tenure increased !!!!
Does anybody have the same issue in CBQ?
i took personal loan in CBQ on May 2008 and they started deducting from my salary on August 2008.At first they were dedcuting 4500QR in my account and after few years they reduced the deduction to 4050QR. i thought its up to their calculation that my loan should end after 60 months.
to my surprise, till date my loan is still 60% unpaid considering that i am paying for 3.7 years, thus i called the call center and ask till when im gonna be paying the loan as i am expecting to complete my loan payment by 2014 February (i had 6x loan payment postponement) and they told me that my loan tenure was extended till October 2014.
they change the loan tenure w/o informing me and the reason they provided to me is that due to the the economic crisis on 2009 they have to decrease the loan and increase my loan tenure!!!
im just a regular employee and paying this much of interets and duration is really a burden, we borrowed money from them because we are in need but the term of payment and hidden charges are really unbelievable.
just sharing my experience =(
of 200K at approximately 8 %, you must be paying 4055 for 60 months. I think your loan was re-structured after you missed payments.
In 2008, the prevailing interest is about 10 to 11 % that is why you were paying 4400++/month.
Check with the bank, I think it was due to the 6 months pospontment.
go to other bank.
stripped you off your pants without your knowledge.. I feel sorry for you.
In a way, i find it amusing as well..The customer is not informed.Banks have their separate reasons. All it takes is just an email.. They need to be more transparent in robbing you :-)
Cheers
honestly im such a dumbo when it comes to accounting and simple math =) it was my mistake i was just concerned about the loan tenure as i am thinking that okay 4443QR for 5 years/ 60 months after that kalas but now when i checked its almost 7 yrs of payment =)
appreciate if you can post that excel sheet here or by using https://www.yousendit.com/
really apprecaiet
thanks
sorry, but did not you know possibly that interest has to be paid on a loan and that they might consider charging you that first and then the principal amount?? have not you confirmed that when you took the loan ?
even if the payment was done for 3 years of a 6-year term, you will see that the balance will still be more than 50%. There is a loan calculation formula in Excel form and you will see the computation. MAybe you can ask your bank about it or google it, maybe it's available in standard excel formula. If I find my copy, I will make a link of it.
yeah now im planning to transfer my loan/ buy out from Islamic Bank who wil offer teh lowest interest. in my research Barwa is having the lowest interest rate and when i called their call center i was told that their interest rate is fixed and your loan tenure shoudl be completed in 4 yrs as per teh Central bank so unlike CBQ they will never increase the loan tenure and should not exceed the tenure in 4 yrs.
is it realy true that islamic banks are giving lower interest rates than commercial ones?
if you know anything about barwa bank or have had an experience dealing with them pls advise and share your thoughts =)
thanks guys!
common all bank
Never enter any bank building, never take loan for doing too many things too early, limit yourself to the ATMs for using your own money, never take credit cards for your day to day expenditure, nobody will ever bother you by taking away your money.
very good in giving loans, as any conventional banking wants to make money and squeeze customer
Thank you for sharing your experience. I am planning to take a loan in CBQ but have now decided to use another bank.
I really feel sorry for you. In my opinion Q I B is the best bank for credits. I took my car on installments and this month would be the laast installment.
that is CBQ. they always do that to their costumer. i have also a friend whose paying his loan for 3 years. when he inquire about how much he paid already about his loan, he found out that his loan has not yet reach the half of his total loan wherein his tenure is only 5 years and he already paid 3 years...