17 Aug 2012
(MENAFN) The UAE has made another move to ease debts on UAE nationals as the central bank has ordered banks working in the gulf state to extend dues on certain personal loans held by emiratis by more than four years, Reuters reported.
The central bank told lenders to reschedule citizens’ loans by more than 48 months if the repayment exceeds 50 percent of gross salary and other income.
The loans can be rescheduled provided no fresh money is borrowed, the circular added.
Banks were also told to isolate personal loans used to buy real estate, with the borrower’s consent, and set them up as separate loans. Payments on those should also not exceed 50 percent of the total salary.
In May, the central bank unveiled plans to settle defaulted loans owed by its citizens, up to USD1.36 million each, following a presidential decree.
17 Nov 2024
BBK and Asia Jewellers announce exclusive offers to its customers at Jewellery Arabia 2024
12 Nov 2024
BBK partners with Durrat Al Bahrain to offer exclusive financing for Jawhart Al Marjan
05 Nov 2024
As part of its digital transformation journey, BBK adds Google Wallet to its range of digital wallets
This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more