Banks in Doha Increasing Interest Rates on Loans
In: Cost of Living | Qatar
25 Feb 2009For those who have loans with the banks in Doha (Doha Bank, Standard Chartered, HSBC, etc.), check with your banks if they already increased the rate of interest of your loan. Some banks send a mail to inform clients, some don’t. Here is a sample email that somebody got from Standard Chartered Bank:
" In line with current market practice, we are currently reviewing the interest rate on your personal loan. We write to inform you that in accordance with the Terms & Conditions governing your Personal Loan with the bank, the interest rate on your Personal Loan will be increased from __% to 10%. Such increase shall take effect as of 1st March 2009. There will be no change in your monthly installment however the remaining tenor of your loan will be extended by 3 months. All other terms and conditions of your loan shall remain unchanged."
I didn’t know that banks can change the rate of your interest anytime! Wow. People are getting screwed. Is it not enough for banks to charge you QR50 rials every year for you to keep your ATM (Commercial Bank)?
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2 Responses to Banks in Doha Increasing Interest Rates on Loans
nina
February 25th, 2009 at 10:03 am
Wow, hindi ko rin alam na kailangan magbayad ng QR50 sa CBQ every year? That’s absurd! Nag-open pa naman ako ng ATM savings doon. I have to check that…
nina
February 25th, 2009 at 10:07 am
I think, loans have floating rates that’s why the interest will depend on the prevailing market rates
Ofcourse they don’t tell you this when you apply for a loan 