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The Abu Dhabi Islamic Bank along Sheikh Zayed Road, Dubai.

PHOTO BY ARCHIVE


No loan payments for up to 3 months with 3 UAE banks amid coronavirus pandemic

 

DUBAI – Three banks in the UAE on Wednesday (March 25) unveiled initiatives to help ease the burden of individuals saddled with debt amid the Covid-19 or coronavirus pandemic.

Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank and First Abu Dhabi Bank said the latest initiative is in line with the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The banks, in coordination with the Abu Dhabi Department of Finance and Department of Economic Development, have put together financial initiatives for individuals and SMEs that includes loan payment deferments, refunds and more.

Here are the 10 initiatives for individuals

For individuals impacted by COVID-19

1. Defer installments on existing loans (personal, auto, mortgages) and credit cards for up to 3 months for eligible customers until June 30 with no additional bank charges

2. Halt foreclosure on mortgages for defaulted customers until June 30

3. Halt suspension of bank accounts for retrenched customers until September 30

4. Refund credit card processing fees in full for foreign currency transactions committed after January 1, associated with cancellation of travel plans

5. Installment programs with no service fees for utility bill payments until June 30

For all individuals

1. Defer installments on new loans (personal, auto, mortgages) and credit cards for up to three months for eligible customers until June 30 with 50 percent reduction in associated bank charge

2. Reduce interest charges on new loans (personal, auto, mortgages) and credit cards for eligible customers based on new prevailing rates for eligible customers

3. Reduce bank charges by 50 percent on early settlement of existing loans (personal, auto, mortgages) for eligible customers until June 30

4. Interest-free installment plans for school tuition with waiver of service charges or no interest loan until June 30

These initiatives are available upon request and are subject to review based on market conditions. ICA/Expat Media


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