Expats outnumber Qataris in personal loans from banks

Expats outnumber Qataris in personal loans from banks

By whykaykay

Non-Qataris have outpaced Qataris in taking personal loans from banks.

Personal loans taken by expatriates grew by 36 percent to QR14.36m in December 2013 from QR10.6m in January 2013 whereas loans taken by Qataris rose 9 percent to QR26.82m in December from QR24.5m in January, according to Qatar Central Bank data.

Though the growth is higher in case of non-Qataris, the total amount of loans is higher in case of Qataris and shows that the ticket size of loan is bigger for Qataris.

Experts say rapid growth in the population of expatriates is one of the main reasons for surge in personal loans.

Low salaries and rising inflation have also forced non-Qataris to approach banks for personal loans.

In Qatar’s population of over two million, expatriates predominate.

Another reason for high distribution of personal loans is lower interest rates.

Banks are charging 2-4 percent rates on personal loans which are lower than rates in other countries.

Source: The Peninsula

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By Molten Metal• 7 years 5 months ago.
Rating: 3/5
Molten Metal

Expats should not be allowed to be greedy & rob banks . They are in a foreign country with a paid job .

Fri, 07.02.2014, 06.26 hrs ....

By Molten Metal• 7 years 5 months ago.
Molten Metal

ha ha ha ......

Only those with salaries above 10 K need loans more than their poor cousins in 5 - 10 K bracket .......

Fri, 07.02.2014, 06.24 hrs ....

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