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The Dubai banking sector revealed an initiative that includes several facilities, the most prominent of which is allowing clients who have obtained loans to obtain a grace period of up to three months, in which they stop paying the installments due to them, without paying any interest or fees.

For his part, another national bank explained that the procedures for postponing the installments of individual dealers, who benefited from personal loans, car loans, or mortgages, include applying for a grace period, and stopping the payment without paying any additional fees, indicating that these procedures Apply from next April. The bank added that the departments in the bank will be provided with more details and procedures that will be taken in this framework, in the coming period, to deal with the requests of customers who would like to benefit from the decision to postpone the installments, pointing to the bank providing options to postpone the payment for its customers, according to the applicable regulations and conditions It out in the bank.

And that for the bank’s corporate customers, it is possible through the measures taken to postpone the payment of installments, for a period of up to three months, without any interest or fees on a group of loans.

credit cards

In a related development, a local bank confirmed that the postponement of dues on credit cards is not included, at the initiative of the banking sector, to alleviate the repercussions of the Corona virus.

The bank indicated that postponing the dues on credit cards is carried out according to the usual policy of the bank, and it is subject to the prescribed fees and benefits.

It is noteworthy that the initiative stipulated that credit card customers can take advantage of the installment programs due to school installments and food purchases, without paying any interest or transaction fees, for a period of up to six months.

Postponement selection

In turn, another local bank stated that the customers' installments will be postponed for one month, stressing that the customers will be given the freedom to choose between postponing the installment, to any of: May, July or next June, according to the desire of the customer, and that the postponement process will be free without added fees for the customer .

The bank indicated that in the event that the trader is infected with the Corona virus, or is subject to health conditions, the bank can grant him to postpone his installments for a period of up to six months, provided that he submits an approved medical report in his health condition, indicating that the process of postponing the installments will include all types of funds, including It includes real estate financing.

Affected

In the same context, a national bank customer service center said that postponing the installments only to those affected by "Corona", whether individuals or companies, and a maximum of three months without fees, and includes the installments of personal loans, corporate and auto financing, noting that the postponement does not include card installments Credit.

Activate

The Customer Service Center at a national bank said that, since yesterday, it had started activating the decisions to mitigate the effects of the spread of the Corona virus in customers, as it allowed postponing the installments of personal loans for a period of six months, for patients with the disease provided that a medical certificate was presented, in addition to allowing a period of three months For those whose work has been affected, provided that he attends a letter from the human resources at the authority in which he works, stating that he has not received a salary during the next three months, indicating that a delay of a month is available.

Postponed on the occasion of Ramadan

A customer service center affiliated with an Islamic bank said that the bank intends to postpone some of the installments due to customers for next April, as is customary every year on the occasion of Ramadan, and not because of the spread of the Corona virus.

The center said, in a response to «Emirates Today», that all auto financing will not be postponed, while the rest of the financing is subject to the bank’s discretion, indicating that there are eligible funds for installments, and others that will not be deferred.

He added that the funds that are eligible for postponement are those whose owners are obliged to pay on time without delay, in addition to some other conditions, which are determined by the bank’s management every year.

The Center pointed out that the bank will send a text message to customers who are eligible for postponement, during the first half of next April, stressing that those who are not qualified will not receive messages.