hello Im Kyle. Working as Electronic Engineer in Al Khobar. I'm now 8 years with my current employer. However, i have an offer from other company to join them. The offer is better than my current compensation package. My company is not that strict and they are willing to release their employees or they allow to transfer sponsorship. However, i have an existing bank loan in one of the bank in Al Khobar. My question, is there any problem with the bank if I will change my job to new saudi employer? Any procedure I should do with respect to my bank loan? Will the bank allow me to change job and they will not demand to me to pay the balance unpaid loan provided I show them documents that I just transferred employer and i will continue paying my monthly loan but under the new employer? I would appreciate your guidance. Thank you.
Bank Loan and Job Change
Hi.
in Transfer no problem because liability also transfer.
but in case of final exit you have to clear all you dues.
Thank you! Any procedure I should do for the bank? Also, is my final settlement amount (ESB) with my current employer once deposited to my account will be freeze or hold by my bank? Would appreciate your advise.
Most probably when you took the loan, your employer gave a letter guaranteeing that your end of service will be deposited in that account. If you don't do anything and the end of service is transferred, the bank will hold it and use it to settle the loan.
What you need to do is approach the bank with your new Iqama and a letter from the new employer pledging your ESB to them so they can update the record accordingly. After that is done, you can ask your previous employer to transfer the ESB due to you.
Hi just i m in same situation
Plz let me what happened with your loan and EOS. I m also thinking to change my co and take local release to other co
Plz let me know
Thanks
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