Oman Development Bank : Apply For Professional Loans

Name of the Organization : Oman Development Bank
Type of Facility : Apply For Professional Loans
Country : Oman

Official Website : http://www.odb.com.om/

ODB Apply For Professional Loans

The main objective of offering these loans is to support Omani professionals and enable them to practice and develop their professions.

Related : Oman Development Bank Apply For Information Technology Loans : www.statusin.org/5492.html

ODB believes that comprehensive development depends on the diversification of the economic sectors in spite of their volume. Therefore, it continues to support small and medium enterprises along with big projects.

Who can request this service:
Customers who are willing to finance :
Legal Consultancies & Law Offices
Engineering & Architectural Consultancies
Educational, Financial, Administrational and Accountancy Services & Consultancies
Managing Information System (MIS) Services
Advertising & Promotion Services
Any services within the professional sector

Steps to follow to request the service:
A-Process steps:
Receipt of Application:
Receive Application
First Interview
Recommendation

Evaluation of Application:
Evaluation of Application
Risk Evaluation
Recommendation & Presentation Approval

Documentation & Disbursement:
Collateral Documentation
Agreements Disbursement

Follow up & Settlement:
Follow up
Repayment

B-List all forms/applications that need to be completed to apply for the service:
Initial loan application
Loan application form – up to RO 5,000
Loan Application form – above RO 5,000

Download Forms :http://www.odb.com.om/Forms.aspx

What documents are needed to process:
Copy of the permit, registration, or approval issued from the concerned authority, whether for new or existing projects.
The official documents that show the legal entity of the project.
The documents pertaining 3 quotations from contractors/suppliers of assets.
The feasibility study (Cost of Projects more than RO 100,000.

Special conditions if any applicable:
Organizations with Commercial registration in Oman.

How the service is processed:
One month after the submission of documents.

Fee to be paid:
Feasibility study fees from 50 RO to 250 depends on loan amount

Places of Payment:
Head office or nearest branch in the area

FAQs :
Is there any grace period?
ODB offers grace period not exceeding half the period of repayment of the loan. The grace period depends on the nature of project and its expected cash flow.

Is there any payment during grace period?
Customer should pay only interest at 3% per year of outstanding amount during grace period.

What are the products/services offered by ODB?
ODB offers Development loans, working capital loans , seasonal loans for agricultural sector, etc. It accepts term deposits under ‘Izdihar’ saving scheme.

How much interest rate does ODB charge?
Loans are offered at a subsidized interest rate of 3% per year on reducing balances. It has also scheme of interest free loans to small investors seeking loan up to RO 5,000 with separate eligibility criteria.

What sectors does ODB finance?
** Educational Institutions
** Agricultural and Animal Wealth
** Fisheries Projects
** Industrial projects
** Tourism Projects
** Professional offices
** Small Workshops
** Traditional crafts

Does ODB finance for trading or real estate activities?
ODB does not finance ventures in trading, real estate development, contracting, etc.