Need your advise
Hi,
Recently i lost my job here due to Covid-19 effect but i have taken a personal loan 3 years back & still, there is around QAR40,000 outstanding.My final settlement will be around 30,000.in this case once the final settlement credited to my account is it possible to withdraw that money? if i need to travel whats is the procedure?
You will not be able to access the funds. Your company must inform the bank that you have been terminated (if it was a salary account).
They will hold your final settlement.
If you need to travel, then better to travel before your company informs the bank. Maybe it will be difficult to leave after that.
All of the above is correct, you will not be able to leave the country without settling the full amount you owe.
Thanks a lot for reply.
Sure you can withdraw the amount. However,
1) is the loan from the same bank, in which case your company will inform the bank that you have been terminated and they will hold all money in the account till the loan is settled.
2) Travel, sure as there is no exit required for certain categories, however, if the bank amount is not settled they will put a case. In which case you are stuck.
3) Also, banks have taken your PP & QID copy and find all details of home country so they can raise a case in home country.
Unless rules have changed.
All the best.
It all depends on the terms you agreed upon with the bank. Let's say you agreed to pay the bank QR. 5,000 per month from your salary that got credited into your account. The bank will then deduct QR 5000, provided your company does not advise your bank of your termination. In that case, you may be able to withdraw the balance. However, if the company has given any form of undertaking to the bank with regards to your loan, it will definitely inform the bank about your termination. The bank will then take the amount that gets credited to your account. It may also write to the authorities stopping you from exiting Qatar till the time you clear the outstanding loan.