HSBC has made it easier for customers in the UAE to obtain credit cards, personal loans and mortgage by relaxing its lending criteria.
It said it was halving the minimum salary requirement to obtain credit cards to AED7,500, adding that a salary transfer was not mandatory.
For personal loans, the minimum salary requirement has also been reduced from AED15,000 to AED7,500, the bank said in a statement.
It also said it was increasing its loans to value measurement on mortgages from 75 percent to 80 percent, while the minimum salary requirement was now AED15,000.
Rick Crossman, head of Personal Financial Services, HSBC UAE, said: “The economic outlook for the UAE has been improving, along with the credit environment. While we remain a prudent lender, HSBC is committed to its customers, and understands that access to financial services needs to be convenient and affordable.”
He added: “Our revised lending criteria opens these products to a larger number of customers, however it is important to note that customers will be evaluated individually and on a case-by-case basis.
“These changes are also fully in line with recent rulings from the UAE Central Bank regarding consumer lending in the Emirates,” he said.
Earlier this month, Emirates NBD said that banks must play a key role in reinvigorating the UAE’s real estate sector by offering better deals on home loans.
The country’s biggest bank said it was time for banks to take advantage of the “huge potential for growth in home financing”.
Saif Al Mansoori, deputy head, group marketing, Emirates NBD, said in a statement: “There is huge potential for growth in home financing, and we believe it is vital for banks to play an important role in re-energising this sector.”
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