Car Loan - QNB vs QIB
I am currently a QNB customer and thinking of buying a new car on loan, however, i am not able to understand whether i should get the load from QNB which offers on interest or go with QIB which offers on Islamic Shariyah basis.
Essentially, i dont see much difference in the payout and i am not able to understand how one is permissible while the other is not as per Shariah.
Will appreciate if someone enlightens me to take the correct decision.
Hello this is Commercial Bank :),
We offer an amazingly low 2.19% vehicle loan rate. We are also partnered with Nissan and Mitsubishi, who are currently offering through us an incredible 0% deal over 3 years! visit http://www.cbq.qa/EN/Personal/Loans/Pages/Vehicle-Loan.aspx
1. Avoid loan if possible, save some money that can buy you a used saloon car for value between Qar. 10,000 to 15,000.
2. From religious standpoint, Islamic banking is better, and pl. note that interest rates are already capped by the Central bank here, therefore all operate in the narrow range.
He should be looking for lower rates, why are you suggesting higher rates?
chk in IBQ its d best for taking loans
Try IBQ or Doha Bank, they have higher rates.
Dont take car Loans from Commercial Bank......
I would say, avoid taking loan from bank.
They take too many charges [ I heard ] & make huge profit every year from the public.
So , if possible, delay to buy a car, in the mean time take lift from a 'good' colleague, spend less / save more to buy cash &
uphold your pride.
the difference is in the internal procedure and how do they process the loan to avoid interest/"Reba". i do not have an account with either banks but as a Muslim, i would definitely go for a Shariah compliant bank like QIB.