Personal loan - Doha Bank

To the readers,
Hi,
I have Q's Pack current bank account in Doha Bank, I transferred my account from other bank in Qatar to Doha bank when the so called doha bank promised me to grant personal loan at a fixed interest rate of 8.99%, but declined to show the written contract and repeatedly promised me by the loan clerk and the other bank employees in bank that it is fixed until my last monthly installment is settled with bank. I had to believe when a large number of bank employees stand on the same statement, and i was asked to sign the printed contract pages at the bottom of each sheet in a very hurried manner, i signed (it is my mistake), when i still insisted the bank loan clerk to give me a photo copy of the contract that i signed, diplomatically he avoided, subsequently i managed to get an unused copy of the contract, in which there is a clause that bank has the right to change to rate of interest on loan without intimation to the customer, when i debated over this issue with the bank officials, every other employee spoke in favour of the bank that in history of Doha Bank, bank has not increased interest rate on loans while the loan is under repayment.

But how long i could enjoy this feat, just a short span of seven months, after seven months i was surprised to see the interest contribution to bank jumped drastically, the call center confirmed me that my present interest rate on loan is 10.99% (increase by 2%)and the call center has no information how it happened and that is continuing up until now with no signs of coming down.

Also, i noticed that fresh loan takers are offered with reduced interest rates and definitely their fate would not be different from mine. How can the bank offer reduced interest rate loans to freshers while punishing the old timers with enhance interest rates.

May I request the bank authorities to look into my case and atleast restore to my original agreed interest rate of 8.99% if cannot be reduced below 8.99%.

Tks & Rgds,
asgar

Comments

u should write to the customer servie manager.. dont know if he is a member of QL forum
Need help? You want to transfer it to other bank? PM me. "Deus, Patria, Letran."
All banks are that tricky, Islamic banks can't change the rate since they don't charge interest, but fees (usually a little higher than interest), but you sign to the whole amount with the fees, and they can't increase it(not even with your consent or at your request, (can't change fees, amount, installment... it's set in stone until it's repaid in full).
I hear from a banker in Doha that one thing the banks are very against is for their loans to be misrepresented, in the way that yours seems to have been. You need to go straight to senior management with a complaint and to Qatar Central Bank too. Don't waste time writing uppity letters to some mediocre managers of the copy and paste apology variety. Write directly to Seetharaman the CEO and mention that you will be going to Gulf Times about it too. I can't help with a contact for the QCB but I'm sure there is some website or otherand you absolutely must go to them too. When a bank sells a product like this, they are obliged to explain all sorts of things such as declining rate, early settlement penalty, and so on. I wouldn't worry that you've signed something - it wasn't explained correctly to you. Your signature doesn't prove that it was correctly or honestly explained to you. Go straight for the bullseye with the complaint and don't settle for some crap 'We're very sorry to hear that you are unhappy blah blah' apology which amounts to nothing. Can you remember the names of the people who signed you up? Make sure to include them in your narrative. Maybe others on this forum can fill in some of the gaps of knowhow here? ------------- "let's slip out of these wet clothes and into a dry martini" Mae West
I realy feel sorry for you. You might want to search my previous topics on Doha Bank. My friend and I have changed to Qatar Islamic Bank and are happy even after paying Doha Bank the 1% penalty on loan prepayment and other charges for liability letter and Dream Card surrender. QIB service sucks but atleast they done cheat. NEVER go to this bank.
kellysnake doha bank is a cheat < I WAS AN ATHEIST UNTILL I REALIZED, I WAS GOD >
I WANTED TO KNOW I NEED LOAN AMOUNT 50000,QIB ,WILL CHARGE THE AMOUNT OF SERVICE OR ANY INTREST FOR 24 MONTHS PLEASE REPLY.
I made deposit in IBQ @ 5% in their smart saving account. They sent a letter after few months that interest rates are 4% now. I have yet to see 5% cash back on my purchases through their credit card. I am expecting a hidden clause that your purchases were below the limit.
Iam also suffering with Doha Bank,They have done the same to me also.but I could not change the bank then because all the banks stopped giving loans and I am still stuck with them,Currently I dont want to change as the loan amount is reduced. Sad But True Doha Bank Cheats to people who honeslty want to pay back the loan.
Attention: I am Walter w, a legitimate, reputable money lender i saw your loan request in qatarliving.com website. We are a company with financial assistance. We loan funds out to individuals in need of financial assistance, that have a bad credit or in need of money to pay bills, to invest on business. I want to use this medium to inform you that we render reliable beneficiary assistance as I'll be glad to offer you a loan.Services Rendered include; *Refinance *Home Improvement *Investment Loan *Auto Loans *Debt Consolidation *Business Loans *Personal Loans *International Loans. * mortgage loans
Log in or register to post comments