QCB is the central bank and does no offer loans. Maybe you wanted to say QNB.
Anyhow, Qatar market works with two diffrent type of interest rates 1)declining 2)flat. Car loans are usually quoted as flat rate. To give you a sense, a flat rate of 5%p.a. for 5 years would roughly equate to 9.2%p.a. declining rate.
Hence it is important to know if both rates mentioned in your note are 'flat' in order to conjour up a better answer. If the flat rate has jumped from 5% to 9%, it is definitely out of the market and merits a call to your bank. You may want to consider transferring the loan to another bank, say al khaliji bank which offers car loans at 4.99% flat rate these days.
QCB is the central bank and does no offer loans. Maybe you wanted to say QNB.
Anyhow, Qatar market works with two diffrent type of interest rates 1)declining 2)flat. Car loans are usually quoted as flat rate. To give you a sense, a flat rate of 5%p.a. for 5 years would roughly equate to 9.2%p.a. declining rate.
Hence it is important to know if both rates mentioned in your note are 'flat' in order to conjour up a better answer. If the flat rate has jumped from 5% to 9%, it is definitely out of the market and merits a call to your bank. You may want to consider transferring the loan to another bank, say al khaliji bank which offers car loans at 4.99% flat rate these days.