Dubai banks will be offering comprehensive relief measures to its customers, in a bid to ease the financial pressures stemming from the current coronavirus outbreak.
Late last week Abu Dhabi Commercial Bank (ADCB) announced it would be providing relief and support to its customers by deferring loan payments and waiving interest fees for up to six months, in response to the effects of the COVID-19 outbreak.
Now, following an announcement by Dubai Media Office, Dubai-based banks and financial institutions are cooperating to similarly bring a number of interest-freezing initiatives to customers.
Under the directives of @HHShkMohd, #Dubai banks have come together to offer a comprehensive relief package to help their customers ease financial pressures in the current economic environment caused by the coronavirus (COVID-19) outbreak. pic.twitter.com/PATNjrNqdD— Dubai Media Office (@DXBMediaOffice) March 21, 2020
Customers of Emirates NBD, Mashreq, Commercial Bank of Dubai, Emirates Islamic and Dubai Islamic Bank are eligible to benefit from five new measures which will come into effect as of Wednesday April 1 and run through until the end of June.
Customers of Emirates NBD, Mashreq and Commercial Bank of Dubai will benefit from the following, quoted from the Dubai Media Office statement:
1) Customers who have availed personal loans, auto loans or mortgages can apply for a one month repayment holiday with zero fees.
2) Retail loan customers who have been placed on unpaid leave by their employers can approach the bank for repayment holiday of up to three months with zero interest and fees.
3) Customers who may need to cancel their travel bookings done on their credit and debit cards will receive a refund of the foreign currency transaction fees charged by the bank.
4) Customers using credit cards for cash withdrawals will enjoy 50 percent reduction in the cash advance charges.
5) Credit card customers can benefit from interest-free instalment plans for all school fee payments as well as grocery purchases with no processing fees for up to six months.
Meanwhile, customers of Dubai Islamic Bank and Emirates Islamic will benefit from the following:
1) Customers who have availed personal finance, auto finance or mortgages can apply for a one month repayment holiday with zero fees.
2) Financially impacted customers (unpaid leave, other valid reasons) can request up to 3 deferred monthly instalments without fees and profit charges.
3) Customers using credit cards for cash withdrawals will enjoy 50 percent reduction in the cash advance charges.
4) Credit cardholders can avail 0 percent Easy Payment Plans on school fee transactions with zero processing fee.
5) Debit and credit cardholders can request refunds on foreign currency charges related to Travel/Hotel cancellations.