As overseas workers in a foreign land, we may sometimes find ourselves needing extra help when it comes to finances. Fortunately, here in Qatar, there are personal loans available to expat residents, including Filipinos.
Perhaps you need to pay urgent medical bills, car repair, home improvement, or other major expenses. In this article, we will take a look at some personal loans offered by banks in Qatar. We will also be discussing the eligibility criteria and requirements involved.
Guide to Loans for Pinoys in Qatar
Some of the following loans are designed for expat residents, while others cater to Qatari nationals as well as expats. Hence, the criteria and requirements may vary depending on your citizenship, age, and monthly salary, among other factors.
The criteria to qualify for a personal loan varies from bank to bank. For instance, Ahli Bank requires applicants to be between 21 to 60 years old and earning at least QAR 6,000 per month. On the other hand, Doha Bank’s minimum salary requirement is slightly less at QAR 5,000 per month.
In any case, be sure to ask the lending bank about their specific eligibility criteria.
As for the requirements, these may vary slightly among banks, too. Nonetheless, here are some general requirements:
For Qatari Nationals and Expat Residents
- Copy of valid ID;
- Salary assignment letter; and
- Loan application form.
Additional Requirements for Expats
- Copy of passport with valid resident permit;
- Salary certificate; and
- Bank statement for the past 6 months.
NOTE: Some banks may require additional documents, depending on the type and amount of loan.
List of Loans for Filipinos in Qatar
Here’s a list of Qatar banks that offer personal loans to expats, including overseas Filipino workers (OFWs):
1. Ahli Bank
Founded in 1983, Ahli Bank is a Qatari-owned bank that caters to individuals, small businesses, and corporate clients. Its head office is located in Doha, Qatar.
Ahli Bank offers the Personal Loan for Expatriates, which enables expats to borrow up to QAR 400,000. Expats who are government employees can borrow up to QAR 1,000,000.
To qualify for this loan, expats should have a minimum salary of QAR 6,000 a month. The maximum repayment term is 4 years, and salary transfer is required.
Visit the official website of Ahli Bank for more information about its Personal Loan for Expatriates.
2. Al Khaliji Commercial Bank
Also headquartered in Doha is Al Khaliji Commercial Bank, one of the leading banks in the country. Aside from serving the people of Qatar, it also operates in Paris, France, as well as in Dubai, Abu Dhabi, Sharjah, and Ras Al Khaima in the United Arab Emirates.
Al Khaliji Commercial Bank offers the Personal Loan to Qataris and expat residents. The loan comes with a Visa Platinum or Visa Signature Credit Card, airport lounge access, a dedicated relationship manager, and other benefits.
To be eligible for this loan, applicants should be earning at least QAR 10,000 per month. The maximum repayment term is 6 years for Qataris, and 4 years for expats. Salary transfer is necessary.
To learn more about this product, check out the official website of Ahli Bank.
3. Commercial Bank of Qatar
Established in 1975, the Commercial Bank of a Qatar is a private sector bank that provides products and services through its retail banking and corporate banking divisions.
One of the bank’s products is the Personal Loan, which has rates starting from 2.67% flat rate (or 4.95% variable rate) for Qataris, and from 3.10% flat rate (or 5.75% variable rate) for expats.
The Personal Loan is offered to those with a minimum salary of QAR 5,000 per month. The maximum repayment period is 6 years for Qataris, and 4 years for expats. Salary transfer is required.
For more details about this loan, check out the Commercial Bank of Qatar’s official website.
4. Doha Bank
Established in 1979, Doha Bank is one of the biggest commercial banks in Qatar. It offers domestic and international banking services to individual clients, corporate clients, and institutional clients.
The bank operates overseas branches in the United Arab Emirates, Kuwait, and India. It also has representative branches in Germany, the United Kingdom, South Africa, Turkey, Nepal, Bangladesh, China, Japan, South Korea, Singapore, and Australia.
Doha Bank’s Personal Loan offers financing of up to QAR 2,000,000 for Qataris, and QAR 400,000 for expat residents. An additional loan amount of QAR 1,000,000 may be given to expats who are working for government companies and ministries.
Those who are earning at least QAR 5,000 a month can apply for this loan. Salary transfer is necessary. As for the repayment period, it ranges from 6 months to 6 years for Qataris, and from 6 months to 4 years for expat residents.
For more information about this loan, head to the official website of Doha Bank.
5. Hongkong and Shanghai Banking Corporation
The Hong Kong and Shanghai Banking Corporation (HSBC) is one of the biggest financial institution in the world. Its vast network spans 62 countries across the Middle East, Africa, Europe, North America, South America, and Asia.
The bank provides personal banking, commercial banking, and global banking to its millions of clients. In Qatar, it offers the Personal Loan for Expats, which has a maximum loan amount of QAR 350,000 and a maximum repayment period of 4 years.
The Personal Loan is available to those earning at least QAR 15,000 a month. Salary transfer is necessary.
Head to the official website of HSBC Qatar for more details about its Personal Loan.
6. Mashreq Bank
Headquartered in the United Arab Emirates, Mashreq Bank has been around for more than 5 decades. It expanded operations into Qatar in 1971 — the bank’s first venture outside the Emirates.
The bank offers not just one, but 2 types of personal loans: (a) Personal Loan for Expats, and (b) Majestic Personal Loan.
Personal Loan for Expats
Mashreq Bank’s Personal Loan for Expats provides loan amounts up to QAR 397,500 for expats working in private companies, and QAR 1,000,000 for those who are working in government and semi-government organizations.
To avail of this loan, expats should be earning at least QAR 5,000 a month. The maximum repayment period is 4 years, and salary transfer is required.
Majestic Personal Loan
The Majestic Personal Loan is offered to both Qataris and expat residents who are earning at least QAR 5,000 per month. It provides financing of up to QAR 2,000,000 for Qataris and QAR 400,000 for expats. Notably, expats who are working in the government sector may borrow up to QAR 1,000,000.
This loan has a maximum repayment term of 4 years. Salary transfer is necessary.
To know more about the Personal Loan for Expats as well as the Majestic Personal Loan, visit the official website of Mashreq Bank.
Whether you’re a Qatari national, a Filipino, or any other nationality – you are likely to find a personal loan that meets your needs. Consider inquiring from the above banks the next time you need extra cash for unexpected expenses.
Meanwhile, speaking of Mashreq Bank, check out this link to learn more about the bank’s products and services.