I'm about to leave this country for another job. currently I have car loan in Comercial Bank. I allready pay for 17 mnths, it is 31 months remaining. My question is, shall i pay total 31 months remaining with interest or without interest....
Please I need advices, thanks
Having a Credit Card here is the most unwise decision and will put you in a lot of trouble when you quit your company especially with the exit permit et all.
cuzlove Do let us know the outcome. It will educate us a lot about how the banks operate here.
If you have a Qatar credit card they will retain an amount for 3 months to cover any charges that are going through. It used to be QR2,000 I don't know what it is now.
Since you have already signed the contract to pay x amount in x years the bank is authorised to ask you to pay what you signed for even if you pay early.
The other option is to sell them the car, if they do accept which is rare, you might still have to pay a little as they depreciate the amount very rapidly.
After all the ordeal make sure you take a letter from the Bank stating that you are in the clear.
Depends on the bank.. there wont be much difference in the Interest and also you need to pay early settlement charges. Better to sell the car and transfer the loan to the other person.
i guess it depends on the bank policy or way of computing interest. i dont know much about loan but using simple interest method meaning I= Principal x rate x term then you should pay lesser interest only based on the actual no. of months u fully paid the loan.
Not sure about CBQ. Usually banks make you pay off the interest first. You can settle the remaining loan amount in full and will probably have to pay an "early repayment" fee or something like that. They kind of punish you for paying off your loan early.
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we manage 6 yrs without having a qatari credit card. So far so good. We do heard all sorts story with the credit card in Doha :-)
Having a Credit Card here is the most unwise decision and will put you in a lot of trouble when you quit your company especially with the exit permit et all.
cuzlove Do let us know the outcome. It will educate us a lot about how the banks operate here.
If you have a Qatar credit card they will retain an amount for 3 months to cover any charges that are going through. It used to be QR2,000 I don't know what it is now.
Since you have already signed the contract to pay x amount in x years the bank is authorised to ask you to pay what you signed for even if you pay early.
The other option is to sell them the car, if they do accept which is rare, you might still have to pay a little as they depreciate the amount very rapidly.
After all the ordeal make sure you take a letter from the Bank stating that you are in the clear.
Depends on the bank.. there wont be much difference in the Interest and also you need to pay early settlement charges. Better to sell the car and transfer the loan to the other person.
i guess it depends on the bank policy or way of computing interest. i dont know much about loan but using simple interest method meaning I= Principal x rate x term then you should pay lesser interest only based on the actual no. of months u fully paid the loan.
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You have to repay the outstanding amount with out interest. But you must have already paid lot of interest in your paid installments.
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Not sure about CBQ. Usually banks make you pay off the interest first. You can settle the remaining loan amount in full and will probably have to pay an "early repayment" fee or something like that. They kind of punish you for paying off your loan early.