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Wed 25 Mar 2020 11:03 AM

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Facing Covid-19 debts? How bank customers can apply to delay repayments

Dubai's major banks have unveiled a range of measures to help customers impacted by the economic effects of the coronavirus outbreak

Facing Covid-19 debts? How bank customers can apply to delay repayments

The measures will come into effect from April 1 and run until June 30.

Earlier this week, we reported how several of Dubai’s banks had introduced measures to support customers affected by the economic impact of the Covid-19 coronavirus outbreak.

These included repayment holidays for those made redundant, support for first-time homebuyers, a reduction on fees for cash withdrawals and help for those using credit cards to pay bills.

The banks taking part include Emirates NBD, Dubai Islamic Bank, Emirates Islamic, Mashreq and Commercial Bank of Dubai. The measures will come into effect from April 1 and run until June 30.

In order to understand how the logistics of this will work and customers can apply for loan repayment holidays of other support, a spokesperson from Emirates NBD has issued the following statement to Arabian Business:

“Retail Loan (Personal Loan, Auto Loan or Mortgage) customers affected by the ongoing COVID-19 pandemic can apply for a one-month repayment holiday with zero fees. Customers who are interested in availing the offer can request for the same through Emirates NBD Online Banking and Mobile Banking, write to us on covidrelief@emiratesnbd.com or call us on 04-3160068 (9 am to 5 pm, Sunday to Thursday).

“The postponed instalment will need to be paid by the customer at the end of the repayment term of the loan, along with accrued interest charges. Retail Loan (Personal Loan, Auto Loan or Mortgage) customers who have been placed on unpaid leave by their employers can approach the bank for a repayment holiday of up to three months with zero interest and fees. The bank is looking at all requests with utmost priority,” the statement added.

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