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Loan calculator Qatar › Early settlement calculator (Qatar)

Estimate only — not financial advice. Only your lender's offer is binding.

Early settlement calculator (Qatar)

Updated

QCB has two rules on the books: its 2011 rule for loans against salary allows no fee or commission besides the interest, while its older 2010 fee table lists an early-repayment fee of up to 1% of the remaining balance. Example: QAR 100,000 left over 36 months at 6.10%. With no fee you settle with QAR 100,000 and no longer pay QAR 9,682 in interest; at 1% the fee is QAR 1,000, you settle with QAR 101,000 and save QAR 8,682.

This page: paying off a loan early — in full or with a part-payment. What you settle with, the fee, and the interest (or return) you no longer pay. Before you take a new loan: how much can I borrow? Other loans: loan calculator Qatar.
From your latest statement — or ask the bank for a balance certificate (QCB fee table: QAR 25).
From your contract. Prefilled with 6.10%, the highest rate QCB allows on a loan against salary.
Early-settlement fee
Loans against salary: QCB's 2011 rule says no fee besides the interest. QCB's 2010 fee table allows up to 1%. Enter what your contract or the bank's settlement letter says.
Leave empty to settle in full. QCB sets no rule on part-payments (for example whole instalments only) — ask your bank.
To settle in fullQAR 100,000
Current instalmentQAR 3,046.73

    QCB's limits for loans against salary come from its Instructions to Banks (consolidated edition of September 2013); QCB's list of later circulars could not be opened, so a later change is possible — your bank's offer letter is what counts.

    Instalments on this page follow the standard monthly formula on the reducing balance. Your bank counts interest or profit day by day between the actual payment dates and rounds each amount, so its own schedule can differ slightly. Only your signed offer is binding.

    Not a valid document. Estimate for information only — not financial advice, not an offer of credit and not a bank document. Errors are possible. Only your bank's or finance company's official offer letter, contract and statements are binding.

    QCB's two fee rules

    • Loans against salary (2011): the bank may not charge any fee or commission besides the interest or return. Read plainly, that leaves no early-settlement fee on a personal or car loan against salary.
    • QCB's fee table (2010): lists an early-repayment fee of up to 1% of the remaining balance. Banks may not charge fees outside QCB's table without QCB's approval.
    • Which one applies? No official page we found settles it. The calculator starts at 0% and lets you switch to 1% or enter your bank's figure.

    Moving the loan to another bank

    A loan against salary may move to another bank only if the new bank takes over everything you owe the old bank (credit cards included), the old bank issues a full statement and a salary no-objection letter, and the new loan stays within the QCB limits. A no-liability letter or balance certificate costs QAR 25 each under QCB's fee table.

    Rescheduling instead

    QCB's rule (written for loans outstanding when it was issued in 2011) lets a loan paid on time be rescheduled to lower the instalment, but not to raise the amount, extend the term or grant a new loan; today the bank decides. QCB's fee table lists QAR 250 for rescheduling, QAR 50 for every postponed instalment and 1% of the added amount for increasing a loan.

    Finish earlier or pay less?

    After a part-payment you can keep the instalment and finish earlier (more interest saved) or keep the end date with a lower instalment (more room each month). The calculator shows both. QCB publishes no rule on how part-payments must be made — no official number — so check with your bank.

    Home finance

    We found no official QCB rule on paying off home finance early, so the fee is whatever your contract says — enter it above. Releasing the mortgage at the Ministry of Justice afterwards costs QAR 200. Your monthly cost of a new loan: personal loan calculator.

    Questions people ask

    Is there an early settlement fee on a personal loan in Qatar?

    QCB's 2011 rule for loans against salary says no fee or commission besides the interest. QCB's older 2010 fee table lists up to 1% of the remaining balance. No official page settles which applies — ask your bank which rule its fee rests on.

    Can I move my loan to another bank?

    Yes, if the new bank takes over everything you owe the old bank, including cards, the old bank gives a full statement and salary no-objection letter, and the new loan stays within the QCB limits.

    What does a no-liability letter cost?

    QAR 25 each under QCB's fee table.

    Can I lower my instalment instead of paying off?

    Ask your bank: QCB's rescheduling rule (written for loans outstanding in 2011) allows a lower instalment for a loan paid on time, but not a larger amount or a longer term. QCB's fee table lists QAR 250 for it.

    Is there a QCB rule for paying off home finance early?

    In Qatar, we found none — the fee is whatever your home finance contract says.