UAE Central Bank: no interest during loan deferment period

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UAE Central Bank: no interest during loan deferment period

 

DUBAI – Customers given loan deferment during the Covid-19 pandemic will not need to pay interest on their loan during the deferment period, according to the UAE Central Bank on Sunday (April 19).

The Central Bank said that banks should not charge interest or profit on the deferred interest or profit amounts.

According to the authority, the interest accrued on the principal loan amount during the deferment period may be paid at a later date.

The Central Bank allocated Dh50 billion for banks to grant loan deferment to eligible customers.

Central Bank governor Abdulhamid Saeed said banks have already used more than 30 percent of its allocated funding.

“We will continue to work closely with banks and financial institutions to accelerate their full utilisation of the Tess,” Saeed said.

The Central Bank urged banks to process more applications from individuals, corporates and SMEs whose business operations are affected by the pandemic.

For Small and Medium Enterprises (SMEs), the Central Bank ordered swift bank account opening within two days.

The Central Bank also ordered banks to refrain from imposing a minimum balance of more than Dh10,000 for SMEs. ICA/Expat Media


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