Bank loan

Dear All

I need urgent information regarding loan i have taken some loan for 5 years but loan bank is different and salary tranfer bank is different
now i m taking local trasfer from my current company to other company
What will happend to my End of benifit.
Will company will trnafer the amount to loan ac if yes. What bank will do?? Will my account will be frozen or i will countinue paying then monthly installments same as before

Your swift answer will be highly appreciated

It varies from bank to bank and depends on the deal you reach with them.

If the company transfers end of service benefits without you having reached a deal with the bank, the whole amount will be offset against the loan and you will be asked to pay the rest.

Generally, banks allow you to move the loan guarantee against EOSB to the new company.  But as I said, it depends on your negotiation and their policies.

Thanks for your reply

But as i said i m not leaving the kingdom just i m taking the transfer to other company.  As i m receiveing my salary to another.
In letter of co it was mentioned we are taking any granatty for this loan just we will to inform once employee will be longer in company
In this case what will happened
My intention is to pay as monthly installments to bank but end of benefit they should not take at one time.
Will my company transfer EBS to my salary ac or loan ac as i m getting my monthly salayto another ac not in loan ac

Your company probably guaranteed to transfer EOSB to the bank that gave you the loan.  That is what they will do.   Once the bank sees the description as EOSB, they will not bother to check Iqama status and just hold it all.   As I said, you need to talk to the bank.

Thanks dear

After holding the amount what will be next process because i m not leaving the country
My plan is to pay as it is on monthly installments