Loans jobs for today in Oman
Loans Jobs in OMAN – Career, Salary and Education Information
For those interested in working with financial institutions, loan jobs present a flexible and attractive option. While much focus has been put on such careers as bankers, the option of specializing in a career as a loan officer is largely untapped. Here, a loan officer is a representative of a credit union, bank or other financial institutions who locates and helps borrowers access loans and credit facilities. This article covers important requirements, job description, and career outlook for this promising field.
What Does Working in Loan Careers Entail?
Loan officers can work with different lending products for both businesses and individuals. A candidate is required to understand various products as well as the regulations, rules, and documentation requirements governing the industry. Part of the work of professionals occupying OMAN loans jobs includes:
- Contacting individuals and companies to ask if they need loans
- Meeting with loan applicants to collect personal information and address concerns
- Explaining the various loan types and terms for application
- Obtaining and verifying financial information, such as the income level and credit rating of the applicant
- Analyzing and evaluating the finances of the applicant to decide whether he or she qualifies for the loan
- Approving the loan request of transferring the application to management for further consideration.
Other duties of a loans job in OMAN involve a process referred to as underwriting when the officer assesses whether the applicant qualifies for the facility. While there are financial institutions that prefer to underwrite loans manually by calculating the financial status, others use underwriting software. When such applications are used, loan officers are only needed to provide and consider any additional information that can influence the ultimate decision.
What Are the Types of Loan Jobs OMAN?
There are many categories of loan officers, including:
- Commercial loan officers
Specializing in giving loans to businesses. Given the fact that commercial loans are larger, and considering the complex financial statements and situations of such companies, commercial loan jobs in OMAN require officers to work with multiple banks to put comprehensive packages together.
- Mortgage loan officers
Specializing in loans for real estate, these officers source loans for commercial and residential properties. They are required to look for customers, which may need working with real estate agencies.
- Consumer loan officers
Specializing in giving loans to individuals, people working in these loans jobs give out facilities to those who want to spend on personal things like cars of tuition. The officers guide applicants through the process.
Where Do Loan Officers Work and How Much a Loan Job in OMAN Is Paid?
There are loan positions in commercial banks, mortgage institutions, credit unions, and other financial institutions. Those who specialize in consumer loans often work within offices, while commercial and mortgage loan officers work have to commute to clients.
Loan officers earn an income that is relatively attractive, with an annual median wage of about 219,000 AED. Here, the median wage implies the earning surpassed by half of the loan officers, and above the other half. In other words, it is the middle ground. The form of compensation and benefits vary considerably between employers, with the lowest 10 percent earning less than 119,000 AED yearly while the top 10 percent is earning more than 439,000 AED annually. In addition, while some officers are paid a flat salary, others depend on commission, paid on top of base salary. It should be also noted that most officers providing loans in OMAN work full time.
What Are the Requirements to Fill a Loan Vacancy
Unlike jobs in hospitality, to get employment as a loan officer, you will need at least a bachelor’s degree and obtain on-the-job training. You will also need to acquire some pertinent licenses. The ideal education background is a bachelor’s degree in the fields of finance or business. Since officers providing commercial loans are required to analyze the finances of businesses applying for such facilities, they should be able to comprehend general business accounting, including the intricacies of financial statements. As for those without a bachelor’s degree, they should not despair. It is possible to get a loans OMAN job if they have relevant work experience such as in the field of banking, customer service and sales.
Once you have been hired, you are likely to obtain some on-the-job training. This can be a combination of informal and formal company-sponsored training, given in your initial few months after employment. If your job includes underwriting, you are also likely to take additional classes to learn the software programs involved.
Job Outlook for Loan Officers
With the expansion of the OMAN economy, work opportunities are opening up for loan officers in the financial sector. The range of jobs is expected to grow by almost 8 percent by 2020. If you are searching for ‘loan jobs hiring’ ads, consider that the demands for loan officers fluctuate from time to time, often at its peak at times of low-interest rates and positive economic growth. However, note that the surge in a number of jobs in this field is likely to be tempered by the growing use of underwriting software and online loan applications which have enhanced the process of loan application while diminishing the need for loan officers.
This article highlights the requirements and benefits of working as a loans officer in the OMAN. While the growing popularity of underwriting software seems to pose a threat to jobs in this sector, there is hope in the projections. If you intend to work in this field, consider gathering the necessary experience as well as essential skills in using the pertinent software. In the meantime, you can view some advertised positions from the loan job positions list on this site.