A friend of mine took a personal loan from HSBC, he took the loan at around 6.99% around a year and a half back, now it is somewhere near the 11% mark, I know another case where it went up from 11 to 14.5% but I cant recall if it was HSBC or Standard Chartered.
When we investigated further, the loan contract clearly stated that the bank had the prerogative to increase the rates and hence we let it be, I think all the banks have this clause built into the contract and so there is really no legal alternative. Now other banks in Qatar are following suit, and i presume its mainly becase the banks are now giving higher rates on deposits than 6 months before, my wife has a deposit with commercialbank and they increased the rates on her deposits, so I guess its about making the books balace, end of the day the bank needs to make money on the loan its giving; I have always found commercialbank to be the best in the market and am an old customer of theirs, you should probably give their call centre a call again to see if you can have some kind of resolution to this.
A friend of mine took a personal loan from HSBC, he took the loan at around 6.99% around a year and a half back, now it is somewhere near the 11% mark, I know another case where it went up from 11 to 14.5% but I cant recall if it was HSBC or Standard Chartered.
When we investigated further, the loan contract clearly stated that the bank had the prerogative to increase the rates and hence we let it be, I think all the banks have this clause built into the contract and so there is really no legal alternative. Now other banks in Qatar are following suit, and i presume its mainly becase the banks are now giving higher rates on deposits than 6 months before, my wife has a deposit with commercialbank and they increased the rates on her deposits, so I guess its about making the books balace, end of the day the bank needs to make money on the loan its giving; I have always found commercialbank to be the best in the market and am an old customer of theirs, you should probably give their call centre a call again to see if you can have some kind of resolution to this.