{"id":317,"date":"2020-05-20T08:50:43","date_gmt":"2020-05-20T04:50:43","guid":{"rendered":"https:\/\/moneymall.ae\/credit-blog\/?p=317"},"modified":"2020-05-29T15:59:00","modified_gmt":"2020-05-29T11:59:00","slug":"loan-deferment-credit-card-payment-covid-19","status":"publish","type":"post","link":"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/","title":{"rendered":"Manage your Credit dues &#8211; Avail Loan deferment &#038; Credit Card payment holiday amid COVID-19"},"content":{"rendered":"\r\n<p>Running out of savings but still, have Loan EMIs &amp; Credit Card payments due? Well, in good news, the UAE government and major banks are here with some policies to save you from this ordeal. Ask for your bank for Loan Deferment &amp; Credit Card payment holidays, Here, we listed major banks relief schemes, Find out if you qualify for any of these programs;<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\">\r\n<figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"667\" class=\"wp-image-318\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2020\/05\/covid-19-coronavirus-home-mortgage-loan.jpg\" alt=\"\" \/><\/figure>\r\n<div class=\"wp-block-media-text__content\">\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c636b8472c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c636b8472c\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/#Mortgage_debt_relief_for_homeowners\">Mortgage debt relief for homeowners:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/#What_is_a_payment_holiday\">What is a payment holiday?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/#For_ADCB_Bank_Customers_loan_deferment_options\">For, ADCB Bank Customers loan deferment options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/#Personal_loans\">Personal loans:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/#Loan_deferment_offer_by_Standard_Charted_Bank\">Loan deferment offer by Standard Charted Bank\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/#HSBC_Bank_UAE_Customer_can_avail_loan_deferment_facility\">HSBC Bank UAE Customer can avail loan deferment facility\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/#Do_I_qualify_for_a_payment_holiday\">Do I qualify for a payment holiday?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/#Will_I_have_to_pay_interest\">Will I have to pay interest?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/moneymall.ae\/credit-blog\/loan-deferment-credit-card-payment-covid-19\/#Will_deferring_my_payments_affect_my_credit_score\">Will deferring my payments affect my credit score?<\/a><\/li><\/ul><\/nav><\/div>\n\r\n<h2><span class=\"ez-toc-section\" id=\"Mortgage_debt_relief_for_homeowners\"><\/span><strong>Mortgage debt relief for homeowners:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>Can\u2019t pay Mortgage EMI? Call your bank and ask for a support\/payment deferral facility.<\/p>\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n<p>Can\u2019t pay back the cash but have your home on a mortgage? Well, there\u2019s a good chance your bank or mortgage issuer may come up with a debt relief program like payment holidays, payment deferrals in these challenging times.<\/p>\r\n\r\n\r\n\r\n<h2><span class=\"ez-toc-section\" id=\"What_is_a_payment_holiday\"><\/span><strong>What is a payment holiday?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n\r\n\r\n\r\n<p>it is an agreement between you and your bank where you can stop making loan repayments for a fixed period. These payment holidays are designed to help you when you may experience difficulties in keeping up with your repayment obligations \u2013 in this case, due to negative economic fallout arising from the COVID-19 pandemic.<\/p>\r\n\r\n\r\n\r\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\r\n<p><em><strong>The Central bank of UAE has directed banks and lenders to \u201ctreat all their customers fairly\u201d and grant \u201ctemporary relief\u201d on retail clients\u2019 loan payments for up to six months from 15 March<\/strong><\/em><\/p>\r\n<\/blockquote>\r\n\r\n\r\n\r\n<div class=\"wp-block-media-text alignwide has-media-on-the-right is-stacked-on-mobile\">\r\n<figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"326\" height=\"154\" class=\"wp-image-319 aligncenter\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2020\/05\/images.png\" alt=\"\" \/><\/figure>\r\n<div class=\"wp-block-media-text__content\">\r\n<h2><span class=\"ez-toc-section\" id=\"For_ADCB_Bank_Customers_loan_deferment_options\"><\/span><strong>For, ADCB Bank Customers loan deferment options<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>They offered 3 to 6 months deferred Payments options on Personal Loans, Car Loans &amp; Mortgages to people affected because of COVID-19<\/p>\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n<h2><span class=\"ez-toc-section\" id=\"Personal_loans\"><\/span><strong>Personal loans:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>Many banks are coming up with policies that might help you cope with your personal loan repayments. These programs will include debt relief, waived fees, and deferred payments. ADCB Bank has announced loan repayment deferral for For all customers, whether an individual or an owner of a business, that are proven to be medically affected by the COVID19 virus outbreak, loan instalments will be deferred and interest will be waived for a period of up to 6 months, subject to the Bank\u2019s review.<\/p>\r\n\r\n\r\n\r\n<p>The bank has also introduced new measures to help the residents of UAE. With the outbreak of COVID-19, people are losing jobs, and businesses are getting affected. In light of this, ADCB Bank declared that new measures of relief have been in place from April 2. These measures, however, will only be applicable to customers who have passed an \u2018appropriate level of scrutiny\u2019<\/p>\r\n\r\n\r\n\r\n<p>For ADCB customers holding a loan product who are placed on unpaid leave by the employer(s) or their income is affected by the COVID19 virus outbreak, a payment deferral of up to 3 months is offered.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile is-vertically-aligned-top\">\r\n<figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"334\" height=\"288\" class=\"wp-image-320 aligncenter\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2020\/05\/Relief_measures_to_support_you_\u2013_Standard_Chartered_UAE.png\" alt=\"\" \/><\/figure>\r\n<div class=\"wp-block-media-text__content\">\r\n<h2><span class=\"ez-toc-section\" id=\"Loan_deferment_offer_by_Standard_Charted_Bank\"><\/span><strong>Loan deferment offer by Standard Charted Bank\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>They also offer relief to Clients impacted by COVID-19, they can apply for a 3 months repayment holiday with 0 fees.<\/p>\r\n\r\n\r\n\r\n<p>Offer applies to Mortgage, Auto, and Personal Loans.<\/p>\r\n<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n<div class=\"wp-block-media-text alignwide has-media-on-the-right is-stacked-on-mobile is-vertically-aligned-top\">\r\n<figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"630\" height=\"358\" class=\"wp-image-321 aligncenter\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2020\/05\/unpaid_leave_this_one.jpg\" alt=\"\" \/><\/figure>\r\n<div class=\"wp-block-media-text__content\">\r\n<h2><span class=\"ez-toc-section\" id=\"HSBC_Bank_UAE_Customer_can_avail_loan_deferment_facility\"><\/span><strong>HSBC Bank UAE Customer can avail loan deferment facility\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>They offered its Customers who have been placed on <strong>unpaid leave<\/strong> by their employers a facility of <a href=\"https:\/\/www.hsbc.ae\/help\/staying-connected\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">a <strong>one-month<\/strong> repayment holiday <strong>without interest and fees <\/strong><\/a>for their Personal Loans, Mortgages, and Auto Loans.<\/p>\r\n<\/div>\r\n<\/div>\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n<p><strong>Other major Dubai Banks Including Emirates NBD, Emirates Islamic, Mashreq Bank, Commercial bank of Dubai came together to announced various support measures for the clients helping them during corona times<\/strong><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"819\" class=\"wp-image-322\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2020\/05\/UAE-bank-offering-relief-and-payment-holiday.png\" alt=\"\" \/>\r\n<figcaption>Under the directives of <a href=\"https:\/\/twitter.com\/HHShkMohd\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">@HHShkMohd<\/a> , UAE banks offer a comprehensive relief package to help people ease financial pressures during COVID-19 times.<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>Not all debtors can secure relief from the banks, It is best to approach your bank to see what debt relief options are available to you and whether your bank can help you with payment holiday or restructuring your debts to make repayments more manageable and regularize your account.<\/p>\r\n<p>Credit Card Customers are also offered with various benefits like Intrest free instalment plans on big purchases like School fees and rents, Many banks reduced their cash withdrawal fees by 50% to help people with their cash crunch situations.\u00a0\u00a0<\/p>\r\n\r\n\r\n\t\t<section class=\"sc_fs_faq sc_card \">\n\t\t\t<div>\n\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"Do_I_qualify_for_a_payment_holiday\"><\/span>Do I qualify for a payment holiday?<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t<p>\n\t\t\t\t\t\tEvery bank in UAE is trying to help their customers during this challenging times. if you are somehow affected by COVID-19 than you should contact your bank or lender, they will review and discuss available options.\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"sc_fs_faq sc_card \">\n\t\t\t<div>\n\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"Will_I_have_to_pay_interest\"><\/span>Will I have to pay interest? <span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t<p>\n\t\t\t\t\t\tYes. You\u2019ll still owe the bank the same amount as you do now, and interest will continue to accrue on this. This means it will take you longer to clear your loan.<br>\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"sc_fs_faq sc_card \">\n\t\t\t<div>\n\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"Will_deferring_my_payments_affect_my_credit_score\"><\/span>Will deferring my payments affect my credit score?<span class=\"ez-toc-section-end\"><\/span><\/h2>\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t\t<p>\n\t\t\t\t\t\tYes, there might be an effect on your credit score, But if the facility is approved by the bank and you don&#8217;t have any past default history, Banks will consider your application positively.  \t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\n<script type=\"application\/ld+json\">\n\t{\n\t\t\"@context\": \"https:\/\/schema.org\",\n\t\t\"@type\": \"FAQPage\",\n\t\t\"mainEntity\": [\n\t\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Do I qualify for a payment holiday?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"Every bank in UAE is trying to help their customers during this challenging times. if you are somehow affected by COVID-19 than you should contact your bank or lender, they will review and discuss available options.\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Will I have to pay interest? \",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"Yes. You\u2019ll still owe the bank the same amount as you do now, and interest will continue to accrue on this. This means it will take you longer to clear your loan.<br>\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t,\t\t\t\t{\n\t\t\t\t\"@type\": \"Question\",\n\t\t\t\t\"name\": \"Will deferring my payments affect my credit score?\",\n\t\t\t\t\"acceptedAnswer\": {\n\t\t\t\t\t\"@type\": \"Answer\",\n\t\t\t\t\t\"text\": \"Yes, there might be an effect on your credit score, But if the facility is approved by the bank and you don't have any past default history, Banks will consider your application positively.\"\n\t\t\t\t\t\t\t\t\t}\n\t\t\t}\n\t\t\t\t\t\t]\n\t}\n<\/script>\n\r\n\r\n","protected":false},"excerpt":{"rendered":"<p>Running out of savings but still, have Loan EMIs &amp; Credit Card payments due? Well, in good news, the UAE [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[33,42,28,29,31,40,39,30,41,27,32,34],"class_list":["post-317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-saving-money","tag-adcb-bank","tag-credit-card-payment","tag-deferral-payment","tag-emi-postponement","tag-hsbc-bank-uae","tag-loan-deferment","tag-loan-repayments","tag-loans-credit-repayments","tag-payment-deferment","tag-payment-holiday","tag-personal-loans","tag-standard-charted-bank"],"_links":{"self":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/comments?post=317"}],"version-history":[{"count":10,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/317\/revisions"}],"predecessor-version":[{"id":332,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/317\/revisions\/332"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media\/326"}],"wp:attachment":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media?parent=317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/categories?post=317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/tags?post=317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}