Home Government Entities Ministries

Settlement of the loan over the same tenure with increased installments

Estimated Time: 
An hour and a half
Location: 
- The Fund`s main center



- The General Directorate



- The Legal Affairs Department.
Estimated Fee: 

None

1
  • Description
  • Procedures
  • Required Documents
  • Persons benefiting from the service
  • Files
  • Related Services

Conditions for obtaining service

  1. The loan must be a default one.2. The remaining term for loan  repaying exceeding 36 months. 3. A legal proceeding has been taken at least in relation to the loan.

Notes

None

Partner institutions:

The department or entities which the new guarantor works for or the borrower if the settlement requires that.

Procedures

  1. The applicant refers to the Legal Affairs Department.
  2. Negotiating the client to identify reasons behind the loan default.
  3. Agreeing upon procedures to solve the loan default.
  4. Presenting the agreement results to the Central Collection Commission and request settlement approval.
  5. In case of approval, the applicant submits a request to the Legal Affairs after being signed  at the Bureau and given an incoming reference number to proceed in the settlement.
  6. Proceeding in the settlement as agreed upon:
  • Addressing the Financial Department to restrict the lawyer fees, if any.
  • Paying 50% of the amount due and boosting collaterals by an additional personal guarantor+ the lawyer fees, if any.
  • Or paying 25% of the amount due and an additional guarantor by transferring a deduction from his or one of the guarantors` salaries+ fees, if any.
  1. The applicant executes the proceedings agreed upon.
  2. Drafting and printing the settlement decision and the settlement agreement attachment by virtue of the Commission`s approval and signature of the settlement legal affairs officer (The Secretary of the Fund) and the client to be audited by the Audit Unit, endorsed by the Financial Department and signed by the General Manager or whoever acts on his behalf.
  3. Submitting the whole file to the Financial Department to execute the settlement restrictions and give the file a new loan No.

Required Documents

It depends upon the settlement proceedings agreed upon.

Persons benefiting from the service

The borrower/ the guarantor of defaulted loans.

Files

No Found Files

Related Services

  • Refund the excess premiums
  • Quittance for a paid-off loan
  • Quittance for a paid-off loan or via branches
  • Receiving loan applications by citizens
  • Quittance for a paid-off loan or via headquarters
  • Financing charities and cooperatives
  • Issuance of account statement
  • Accessing the loans committees decision and completion of the loan procedures
  • Financing transportation means
  • Obtaining a new loan
  • Obtaining a loan for Entrepreneurial projects
  • Obtaining a loan for an existing project or development
  • Changing loans guarantees or replacing a personal guarantor
  • Changing a loan collateral Replacement of current sponsor with anew sponsor
  • Changing a loan collateral Replacement of mortgaged land or real estate property
  • The Directorate of Follow-up, Collection, Legal Affairs and Full Repayment
  • Visiting the project site for evaluation
  • Visiting the project site to disburse the second installment
  • Training of targeted groups for employment in small enterprises
  • Signing the Agreement
  • Rescheduling the loan by extending the tenure
  • Other Financial Services
  • Handing over checks to suppliers
  • Financing unemployed youth
  • Establishing a loan file
  • Financing projects of poverty pockets residents
  • Financing people with disabilities
  • Financing college tuition

    • Was it useful?