Extra charges against personal loan with CBQ
My husband availed a personal loan from Commercial Bank of Qatar but just now we have accessed his bank accounts through their website and we are really shocked to find out that aside from the monthly payment (which we have believed interest of 10.99% per annum has been included, they are also adding up some amount on monthly basis as well. Does anyone of you encounter the same thing with CBQ?
Try mashreq they're the only one who's offering a reduce interest rate.
As previous QNB customer, they're on fixed not variable rate.
"as they periodically adjust the interest rates."
I was informed by QNB & CBQ that lending interest rates have not changed since 2007.. Is this true? If so, the variable interest rate should have remained the same since 2007.
when did you take your personal loan? Has there been a change in your variable interest rate since then? Do they block any amount on your account equivalent to your monthly installment?
how about this...
I have a car loan in CBQ for 60 months repayment period, and it's written in the contract. I don't have any defernment, then I am very upset when I checked the details of my loan and found out that they add 5 more repayment months, for a total of 65 months!
When we checked it to CBQ, they just told us "that your loan is under variable rate"...
Thank you all for your insights and hope that my query will not create any conflict, argument or whatsoever to anyone of you.
As my husband & I were formerly working in Abu Dhabi, UAE and had also experiences availing loans from 2 banks. One from his side on a fixed interest rate & on my side, on a floating interest rate (which I believe is just the same as variable interest rate). Both of which, we had no question about or might probably, from where I got my loan, they have different way of reflecting the added amount in my monthly statements or I was not given enough time to discover about that as I had to settle the loaned amount after just 2 months of availing it as we decided already to move here afterwards.
Clearly you should be careful of the words that you use in a forum, because they can be easily taken out of context.
By saying Islam in Qatar is a farce, are you attacking Islam, the Muslims, the people, the institutions...?
The non-Muslim banks, and hotels that allow 2 of the biggest societal problems to occur have the blessing of the government... so whose problem is it, Islam's or the state's?
And, although many think lightly of the 2 problems of Interest and Alcohol, society in Qatar ALL benefit from the laws that prevent alcohol consumption and their effects in public (if you doubt it, go to any UK city centre on Friday night). And those who think interest is not a problem, look at America and the foreclosure situation.
CBQ sucks..Big time
hms is right, if you look at the statement you might see the monthly interest added on to the principal and the monthly installment as a deduction. If you have taken the loan in Variable interest rate option, the monthly addition will vary as they periodically adjust the interest rates.
the amount that they are adding is the interest per month on your outstanding amount, the annual interest whatever you have agreed they will calculate monthly and will add on to your outstanding balance, that is quiet normal nothing shocking or nothing unknown.
Saeedkan, we just decided to pay the amount loaned in 2 years time (24 months) and we have paid already for 3 months but tonight only we were avail to sign up from their site as there was previous problem & we were really shocked to find out that on the 1st month, CBQ had debited almost 300QR, on the 2nd month: almost 350QR and last month: almost 400QR.
If you go to the Sharia court they will sue the bank for taking interest which is 'haram' in Islam. If not, well, then the Islam in Qatar is a farce.