Personal loans in Qatar up by 40% in one year

Considering the weaker Indian rupee against the Qatari Riyal, the demand for personal loans in Qatar has increased despite stricter Qatar Central Bank (QCB) regulations, reports The Peninsula daily.

One branch manager of a leading commercial bank in Doha, with the highest Indian expatriate customers, said to the daily that the request for personal loans has increased by up to 40 percent in July (year-on-year). The Indian rupee has depreciated nearly 25 percent against the dollar since the last months, leading to one of the worst performing currencies in South Asia, prompting many Indian expatriates to opt for loans to invest in India. “The demand for personal loans is the highest among all our products. It picked up momentum from last May, and the number of applications reached to the highest level in July registering an increase of more than 40 percent. Those seeking personal loans are mainly being Indians,” said a branch manager of Doha Bank, who did not want to reveal his name.