Those aspiring to come and work in the UAE or any GCC country ought to know that the working conditions etc are good.What you should NOT is take a loan from HSBC esp.
To begin with, they make you sign a blank cheque and tell you that it is only a 'formality'.Thinking of how well they are established and renown, you obviously trust them.THAT is the biggest drawback. You then take a loan and they make it sound so good by promising you 24 times your salary etc. I did just that in 2004 and have been making payments of 3700 Aed a month, against a loan of some 140000 Aed. For sometime after I lost my job, I could not manage the 3700 AED payment.
Still a minimum payment of 1000 AED was made. The complaints manager Syed Raza Rizvi had the audacity to accuse me of non payment of my loan, when in actual fact I was doing so through their CDM's (ATM'S).Here in the UAE, once you lose your job, you take your termination letter from your company and submit the same to the bank from which you have taken a loan. The bank in turn claims your outstanding loan from the insurance company. Managers like Rizvi and Murthy seem to have no clue.Now just imagine HSBC telling even a small number of their customers here that they have defaulted.
Obviously most customers would trust HSBC due to its global popularity and not question them.Thus by fleecing customers HSBC keeps getting bigger, paying their managers so much in salaries and commissions!
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