Abu Dhabi-based banks have announced a package of initiatives to support the emirate’s individuals and businesses as the country fights the coronavirus disease (COVID-19), in line with the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
First Abu Dhabi Bank, Abu Dhabi Commercial Bank (ADCB) Group and Abu Dhabi Islamic Bank in coordination with the Abu Dhabi Department of Finance and Department of Economic Development, have put together 17 financial initiatives for individuals and SMEs.
Relief for retail customers include:
– Payment deferral of 3 months for retail loans of affected customers with zero charges and interest waived for the deferral period
– Interest-free installment offers on loans for school tuition until June 30
– A payment deferral of one month will be available on request for all customers holding personal loans, auto loans and / or mortgage loans with no service charge
– Reduction in bank charges by 50 per cent on early settlement of loans for eligible customers (until June 30)
– An increase in the Loan to Value ratio (LTV) by 5 per cent for first-time home buyers
– Full refund of processing fees for foreign currency credits on cards for due to cancellation of travel plans, and
– Reduction of 50 per cent in late payment charges on credit cards.
For SME customers, these banks will defer up to three months of installments for all loan types. The banks are also working with all customers to ascertain the COVID-19 impact on their cash flows, to provide further support in loan restructuring or deferment.