EXPATS TAKE MORE BANK LOANS
Personal loans taken by expatriates grew by 36% to QR14.36 million in December 2013 from QR10.6 million in January 2013, whereas loans taken by Qataris rose 9% to QR26.82 million during the same period.
Reports quoting Qatar Central Bank data say that though the growth is higher in case of non-Qataris, the total amount of loans is higher in case of Qataris and shows that the ticket size of loan is bigger for the locals. Rapid growth in the population of expatriates is one of the main reasons for the surge in personal loans. Low salaries and rising inflation have also forced non-Qataris to approach banks for personal loans. Another reason for the high distribution of personal loans is lower interest rates.