What happens to the Personal Loan if terminated by the company?
Hello guys. I owe a big sum of personal loan to a local bank in Doha. Recently, I've been terminated by the company that hired me. Now, I'm in shock and confusion as regards to the loan that I've to pay to the bank. Since I've lost my job, I'm not in a financial position to repay the loan. Any ideas, how it will be sorted out eventually?
you cannot leave qatar unless you paid full your loan... the best thing to do is to ask NOC (release) from your employer for you to apply in another company...
You will have to pay in full otherwise you cannot leave the country
When you are terminated the loan is terminated by the bank and you have to pay it in full. If you cannot, then you will be sent to jail until you can pay. I suggest you talk to your Company, get an NOC and get a new job - also inform the bank about this as they might not send your case to Court straight away.
For sure the bank will urges you to pay the amount you had barrowed to them. your company will be notifying the bank for losing you as their employee & your end of service payment will go direct to the bank & they will take all of it ( if your loan is in your mother/main bank ) it happened to my friend before...
Check if your loan is insured or not?