Personal Loans in Oman - Muscat
Quickly Apply for Personal Loan to all Banks
Muscat is the capital city of Oman and is home to about 0.9 million residents. It is the largest city in Oman and is also the banking capital. Personal loans in Oman are offered by major local banks as well as International banks. The Central Bank of Oman (CBO) has put in various benchmarks in place for banks to follow so that individuals do not get over leveraged and end up in debt trap. If you would like to apply for a personal loan in Oman, simply fill in this form and we will pass on this information to all the registered banks with us. Let the banks compete to offer you their best personal loan so that you get to choose the bank with the most attractive terms.
Here are the things that you should know about when opting to go to a bank/financial institution that offer Personal Loans in Oman:
Personal Loans - Basics
A personal loan is an unsecured loan given to you by a bank or financial institution based upon your profile comprising of your employer (company), length of service in Oman, length of service with the existing employer, salary amount, other loans/debts held by you and its repayment history, amount of loan sought and your profession/educational background etc.
Personal loans Eligibility Criteria
In Oman, Central Bank of Oman (CBO) has put in the following restrictions on Personal Loans in order to regulate the market and keep it away from being a burden on Citizens/Residents.
- Maximum loan tenor: 10 years
- Debt burden ratio (DBR): 50% (This means your EMI – Instalment amount cannot be more than 50% of your salary). To calculate your EMI, please click on EMI/Loan Calculator
- DBR for housing loans: 60%
- No renewal of personal loans till 24 months of repayment of the previous loan
While looking for a Personal Loan in Oman, you will need documents comprising of Identification documents (Passport, Visa), a salary letter from your employer, bank statements, and any other documents as requested by the banks.