Score-based Loans

Our bank resources for interest-free loans which are provided by the fund flow of natural/legal person’s accounts are limited. For the benefit of our customers and optimal resource usage as well as adequate responsiveness to the applicants¬ especially the underprivileged and impoverished people, customers are prioritised for benefiting from interest-free loans. Accordingly, the holders of interest-free accounts (current or savings) can enjoy the bank’s varied loans based on a credit score they earn.
For this purpose, QMB has formulated a scheme called “Score-Based Loans”. In view of that, the bank awards scores to account holders to prioritize its customers applying for interest-free loans depending on their waiting time and calculates the amount and repayment term of the loan based on the average score of their deposit account balance. Credit score gives customers an instant picture of their creditworthiness and qualification for the loan they are going to receive. For example, customers depositing larger sums and thus having a higher average will be able to receive loans within three to six months. On the contrary, customers with lower average account balance will have to wait longer (seven to 12 months) to obtain the required score. Furthermore, applicants willing to pay monthly installments of over 5,000,000 IRR can receive loans with shorter repayment terms. Meanwhile, account holders paying monthly installments of less than 5,000,000 IRR will be granted loans with longer repayment terms.

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