Loans for expatriates
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How do I apply?
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You can apply for a loan at any
BankMuscat branch near you or
request for a Direct Sales Agent
to visit you by just dialling
our Call Centre number 24795555. |
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Who can be a guarantor? Do all loans need a guarantor?
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To stand as a guarantor, a person should have assigned his/her salary to
BankMuscat and meet the credit qualification criteria of the bank. When the person meets the bank's criteria to stand as guarantor for a particular loan, he simply needs to sign on the loan application form to inform the bank that he/she stands as guarantor for the loan.
A guarantor may not be required for all loans. At the time of processing the loan, the bank will inform you if you need to provide a guarantor. When you provide the guarantor's name and
BankMuscat account number, the bank will evaluate and inform you whether the person qualifies as a guarantor. |
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What is the qualification criteria?
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| The basic parameters for qualification are age, salary, length of service, employer and repayment capability. However, the bank may use additional criteria depending upon the loan amount, type of loan etc. and other policies of the bank. |
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What documents do I need to furnish to apply for a loan?
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To evaluate the qualification, the minimum set of documents required is your labour card, your salary certificate (mentioning your salary and your date of employment) and the last six months bank statement (for non-BankMuscat account holders or account holders whose salary does not get credited to their
BankMuscat account).
In addition to this, there could be additional documents depending upon 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
BankMuscat. |
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What is 'salary assignment'?
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| Salary assignment is a written declaration from the employer informing the bank that your salary and end of service benefits will be credited to your
BankMuscat account till such time you work for the organization unless there is a written release from the bank. The letter should clearly mention the salary, end of service benefits and your bank account number. |
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What is the maximum loan tenor possible?
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Currently the maximum loan tenor for expatriates employed with the Govt. is three years and with the private sector is two years. Credit policies are however subject to change without notice.
The loan tenor mentioned is the maximum tenor allowed currently. The actual tenor approved could be lower depending upon the credit evaluation of the bank. |
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