Free bank loans for Gonu victims

Victims of Cyclone Gonu will be able to get loans of up to three times their salary.

BankMuscat has announced it will offer customers affected by cyclone Gonu an interest free loan, Gulf News reports.

The loan, ‘Al A’Awn,’will be available with immediate effect to customers based in the Muscat Governorate and Sharqiya. It will be offered to those with salaries assigned to the bank who draw a monthly salary of less than 500 riyals.

Abdul Razak Ali Eisa, CEO, told a press conference “loans of up to three times a person’s salary will be credited directly to the loan account of the person within 24 hours of receipt of the completed loan application form.”

The zero interest loans will help over 20,000 customers take a step towards rebuilding their lives, he said, adding “the loans will be given to citizens as well as expatriates to rebuild their lives after the cyclone.”

The bank is also to give three million riyals towards rehabilitation of cyclone victims, and has deferred all loan repayments of its customers by two months.

Loans are repayable over one year, and are available until August 15, after which continued need for the facility will be assessed.

The bank is accepting donations from nationals and residents to His Majesty’s Cyclone Victims Relief Fund. Deposits can be made to BankMuscat account number 3950150 at any of the bank’s 100 branches nationwide.

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READERS' COMMENTS

Interest Free Loans from Bank Muscat
Posted by Hombil, Muscat, Oman on Wednesday 20 June 2007 at 09:00 UAE time


Bank Muscat has been doing a fantastic job since the cyclone Gonu devastated Oman. They were the first to announce a relief fund, with the bank's contribution in millions. Now they have announced interest free loan for the cyclone visctims. Bank Muscat is truly a "people's bank". Keep up the good job, Bank Muscat!

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