Omanis working in Govt. and Pvt. Sector
/ Special offers for ministries /
Short term consumer loans
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How do I apply?
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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 toll
free number 800-795555. |
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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 are your NID, 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 are installment deferrals? How do I get them?
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The bank announces an installment deferral for certain loans at
special intervals such as ID, in order to provide a cash flow relief for that month. This is announced in public media. Customers who do not
to avail of this deferral have the option of approaching the bank within a stipulated date to opt out of the deferral given.
While installment deferrals are common, they are however entirely at the discretion of the bank and not a commitment for future deferrals on similar occasions. |
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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 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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