You can apply for a loan at any BankMuscat branch or request for a Direct Sales Agent to visit you by just dialing our Call Center (+968) 2479 5555 .
To evaluate your qualification, the minimum set of documents required are your Labour card, salary certificate (mentioning your salary and date of employment) and your bank statements of the previous 6 months (for non-Bank Muscat account holders or account holders whose salary does not get credited to their Bank Muscat account). In addition, there could be additional documents depending on the size of loan or other requirements of the bank. If you qualify, you need to provide a Salary Assignment Letter from your employer addressed to Bank Muscat.
Salary assignment is a written declaration from your employer informing the bank that your salary and End of Service Benefits (EOSB) will be credited to your BankMuscat account till such time you work for your employer or unless there is a written release from the bank. This letter should clearly mention your salary, EOSB, and your account number with us.
To stand as a guarantor, a person should have assigned his/her salary to BankMuscat and meet the credit qualification criteria of the bank. If he/she has been approved to qualify, a signature on the loan application form will confirm that he/she stands as guarantor for the particular loan.
A guarantor may not be required for all loans. At the time of processing the loan, the bank will inform you if a guarantor needs to be provided. If so, when you provide the guarantor's name and his/her BankMuscat account number, the bank will evaluate and inform you whether the person qualifies as a guarantor.
The basic parameters considered for qualification are the age, salary, length of service, employer and repayment capability of the person proposed as a guarantor. However, the bank may use additional criteria depending on the loan amount, type of loan, etc.
The bank announces an instalment deferral for certain loans on special occasions such as Eid, to enable our customers to have a cash flow to meet their personal expenses that month. This is announced in the public media. Customers who do not to want avail this deferral have the option of approaching the bank within a stipulated date to opt out of the deferral given. While instalment deferrals are common, they are, however, entirely at the discretion of the bank and not a commitment for future deferrals on similar occasions.
Currently the maximum loan tenor for expatriates employed with the Government is three years* and with the Private Sector is two* years. However, credit policies are subject to change without notice. *Though the loan tenor mentioned is the maximum tenor allowed currently, actual tenor approved could be lower depending on the credit evaluation by the bank.