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Abu Dhabi Commercial Bank (ADCB), is now introducing new measures to help residents in the UAE. With Corona on the lose, jobs and businesses are all being affected. In light of this major issue, ADCB is deferring loans for up to 6 months. They are also completely waiving interest fees for that period time.
The bank declares that the new measures of relief will be effective on April 2nd. Understanding that the Corona virus has affected many, customers and SME’s with the bank, will be able to avail this offer. This measure however, will be only delivered to customers after an ‘appropriate level of scrutiny’ by the bank.
The deferral of payments, and waiving of interest will be offered fore-mostly to those who are put on unpaid leave. Then, the customers with personal loans, mortgages, and car loans, will be able to redeem this measure later on.
There are also a number of other measures the Abu Dhabi Commercial Bank are taking, in order to help its customers. For loan to value ratios of first time home buyers, there will be a 5 percent increase. For all those with foreign currency credit cards, there will be a full refund of processing fees, and a 50 percent reduction in late payment for credit cards. The bank will also be offering a number of interest free instalment plans for school fee payments.
ADCB relief measures:
- Loan payment deferrals up to 6 months
- Waiving of interest fees for up to 6 months
- 5 percent increase in loan to value ratio for homebuyers
- Full refund of processing fees on foreign credit cards
- Interest free instalment plans for school fee payments
- Refund on charges for cash withdrawals from ATM’s
Keep checking out our page for any more updates.
What Else?
All shopping malls in Dubai have now reduced their daily hours due to the Corona outbreak. Malls in Dubai will now open promptly at 12 PM, and stay open for 8 hours. At 8 PM sharp, the mall will close down for sanitisation and cleaning purposes. Supermarkets and medical stores will, however, be exempted from these timings. An example would be Carrefour, which will open at 9 AM, and remain open all the way until midnight.
Also Read: Coronavirus: UAE Suspends Entry Of Valid Residence Visa Holders Abroad