In cases of emergencies such as accidents, medical concerns, or natural calamities, you may face unexpected expenses that you are not prepared for. Fortunately, you can apply for a personal loan to help you cope with the situation.
One of the major banks where you can get a personal loan is the Commercial Bank of Qatar (CBQ). In this article, we will talk about the bank’s personal loan and other loan products, along with the eligibility, requirements, and procedures involved.
Guide to Getting Personal Loan from Commercial Bank
In 1975, Hussain Alfardan established the Commercial Bank of Qatar. Notably, it is known as the first private sector bank to operate in the country. In 1988, the bank was headed by new leadership, and in 1990, Commercial Bank made history as the first bank to introduce ATMs in Qatar. Cool!
These days, the Commercial Bank of Qatar continues to offer a wide range of products and services, for its retail and corporate banking divisions. One of these financial services is the Personal Loan.
Commercial Bank’s Personal Loan
Commercial Bank’s Personal Loan is offered to Qataris as well as expat residents, at competitive interest rates. The maximum repayment period is up to 72 months for Qataris, and 48 months for expat residents.
Loan approval is fast… within the same day as the application! Moreover, Qataris have the privilege of a 6-month grace period, during which they don’t have to pay anything yet!
As for interest rates, the variable rate starts at 4.95% per annum (or 2.67% flat rate) for Qataris, and 5.75% per annum (or 3.10% flat rate) for expat residents.
In Qatar, the eligibility criteria for personal loans may vary from bank to bank. That being said, here are some of the general criteria that most banks focus on. Loan applicants must:
- Be 18-70 years old (for Qataris);
- Be 21-60 years old (for expat residents);
- Have a minimum salary of QAR 6,000 per month; and
- Be employed by a company that’s approved by the bank.
Likewise, documentary requirements vary among banks, as well. Nonetheless, here are some of the most common requirements:
- Valid Qatar ID;
- Passport with valid resident permit (for expat residents);
- Salary certificate or salary assignment letter from employer.
How to Apply
To apply for a Personal Loan, just head to the nearest branch of Commercial Bank. Fill up the application and submit the necessary documents. As soon as your loan has been approved, the bank will inform you… most likely even on the same day that you applied!
Commercial Bank Personal Loan Calculator
To estimate how much you might be able to borrow from Commercial Bank, simply go the bank’s Personal Loan Calculator through this link. Click the “Personal Loan” tab, and then answer the questions on screen.
On the loan calculator, you will be asked to state whether you’re a Qatari national or an expat resident. You will also need to enter your monthly salary, as well as the amount you intend to borrow. Finally, you will be asked to choose a payment plan, which refers to the number of months you will be paying for the loan.
After entering all of these details, click “Calculate.” The screen will display how much your possible loan amount could be, along with the possible monthly installment amount.
Other Types of Loans
Aside from the Personal Loan, the Commercial Bank of Qatar provides other types of loans, namely: Vehicle Loan, Green Vehicle Loan, and Mortgage Loans. Here is a quick overview of each type:
As the name says, this type of loan enables customers to buy their dream car in Qatar. It offers competitive interest rates for both Qataris and expat residents. Similar to the Personal Loan, repayment periods may be up to 72 months for Qataris, and 48 months for expats. Same-day approval is possible, plus there’s the convenience of a 3-month grace period (no payment).
To apply for a Vehicle Loan, customers need to submit the following:
- Valid Qatar ID card;
- Valid passport (for expat residents);
- Salary certificate or salary assignment letter from employer;
- Vehicle quotation from approved car dealer; and
- Post-dated repayment cheques (for expat residents).
To estimate how much you might be able to borrow, head to Commercial Bank’s Vehicle Loan Calculator through this link. Click the “Vehicle Loan” tab, and then answer the questions on screen.
Just like before, you will be asked to state whether you’re a Qatari or an expat. You will also need to enter your monthly salary, and the price of the vehicle you plan to buy. Finally, you will be asked to choose a payment plan (number of months you prefer to pay the loan), and the amount of down payment you prefer (in percentage units).
After entering all of these information, click “Calculate.” The screen will show how much your possible vehicle loan amount could be, along with the possible monthly installment amount.
Green Vehicle Loan
The Green Vehicle Loan is a program that enables customers to purchase a hybrid or electric car. It goes in line with Qatar’s “National Environment and Climate Change Strategy.”
The Green Vehicle Loan comes with flexible repayment periods, with a variable interest rate starting from 6.50% per annum (or 3.50% flat rate). There’s a grace period of up to 3 months, and same-day approval is also possible.
As for the requirements, the necessary documents are the same as those for the regular Vehicle Loan.
Commercial Bank offers not just one, but several types of Mortgage Loans, depending on your real estate needs, as follows:
- “Buy to Live” Loan. With a loan tenure of up to 30 years, this product helps customers to buy their dream homes at competitive interest rates.
- “Buy to Let” Loan. Those who are planning to buy property that they can rent out should apply for this loan. The loan tenure is up to 25 years, with competitive interest rates.
- Loan Buyout. This product allows customers to transfer their existing mortgage loans to Commercial Bank. The loan tenure is up to 25 years, as well.
- Equity Release Loan. This product enables customers to access money from the value of their owned properties.
- Young Qatari Loan. This product helps customers in the purchase of their first home, with loan terms of up to 30 years.
Video: Commercial Bank’s Latest Award
Over the years, the Commercial Bank of Qatar has received numerous awards. In the following video shared on its YouTube channel, the bank is proud to announce that it has received a special award from World Finance 2023:
Contact Information: Commercial Bank
If you have any questions about Commercial Bank’s products and services, you can get in touch with the main branch through the following contact details:
Address: Al Markhiya Street, Doha, Qatar
Telephone: +974 4449 0000
When it comes to Personal Loans, and other types of loans, for that matter — the Commercial Bank of Qatar is one of the most trusted banks that you can go to. If you are considering applying for a loan from this bank, we hope that the above guide has been helpful.
Another leading bank that you can visit is Doha Bank. Check out this link for a quick guide to the bank’s personal loan services.