{"id":574,"date":"2020-06-19T22:20:43","date_gmt":"2020-06-19T18:20:43","guid":{"rendered":"https:\/\/moneymall.ae\/credit-blog\/?p=574"},"modified":"2020-07-30T20:33:14","modified_gmt":"2020-07-30T16:33:14","slug":"how-will-your-bank-help-you-during-a-pandemic","status":"publish","type":"post","link":"https:\/\/moneymall.ae\/credit-blog\/how-will-your-bank-help-you-during-a-pandemic\/","title":{"rendered":"How Will Your Bank Help You During COVID-19?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With the COVID-19 virus spreading throughout the world and affecting UAE equally, we all are facing the inevitable economic ramifications. Our economies have dwindled and the whole ecosystem of the finance chain has become spineless&#8230;but worry must you not because your bank will help you during COVID-19. Considering such a pandemic scenario, different banks and regulators in UAE have stepped in to provide financial relief and aid to both retail customers as well as businesses. Know more below&#8230;<\/span><\/p>\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-6a23373be75ab\" 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-6a23373be75ab\"  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\/how-will-your-bank-help-you-during-a-pandemic\/#Which_are_the_banks_in_UAE_that_have_relief_plans\" >Which are the banks in UAE that have relief plans?<\/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\/how-will-your-bank-help-you-during-a-pandemic\/#What_are_the_relief_plans_for_individuals_in_UAE\" >What are the relief plans for individuals in UAE?<\/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\/how-will-your-bank-help-you-during-a-pandemic\/#What_are_the_relief_plans_for_businesses_in_UAE\" >What are the relief plans for businesses in UAE?<\/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\/how-will-your-bank-help-you-during-a-pandemic\/#What_additional_help_will_be_provided_to_those_who_are_affected_by_Covid-19\" >What additional help will be provided to those who are affected by Covid-19?<\/a><\/li><\/ul><\/nav><\/div>\n\n<p style=\"text-align: center;\"><strong><em>Read More<\/em><em>:-<\/em><em><a href=\"https:\/\/moneymall.ae\/credit-blog\/459-2\/\">All About Metal Credit Cards And The Banks That Offer Them<\/a><\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Which_are_the_banks_in_UAE_that_have_relief_plans\"><\/span><b>Which are the banks in UAE that have relief plans?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Giants of banking in UAE such as <\/span><b>Emirates NBD, Dubai Islamic Bank, Emirates Islamic, Mashreq, and Commercial Bank of Dubai<\/b><span style=\"font-weight: 400;\"> had already announced a series of support measures that have remained in effect since April 1.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In Abu Dhabi, <\/span><b>First Abu Dhabi Bank, Abu Dhabi Commercial Bank<\/b><span style=\"font-weight: 400;\"> as well as Abu Dhabi Islamic Bank are offering support measures for customers. The three banks have introduced 17 initiatives to support both individuals and businesses.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Elsewhere in the UAE, <\/span><b>RAKBANK, Sharjah Islamic Bank and Commercial Bank International<\/b><span style=\"font-weight: 400;\"> \u2013 which is based in Dubai and listed on the Abu Dhabi Securities Exchange \u2013 have also pledged to help customers as they face the pandemic.<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_relief_plans_for_individuals_in_UAE\"><\/span><b>What are the relief plans for individuals in UAE?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The relief plans for individuals offered by various banks in UAE are as follows:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In<\/span><b> Emirates NBD, Mashreq, Commercial Bank of Dubai, Dubai Islamic Bank and Emirates Islamic<\/b><span style=\"font-weight: 400;\">, retail loan customers placed on unpaid leave can ask their bank for a repayment holiday of up to three months with zero interest and fees. Moreover, customers with personal loans, car loans, or mortgages can apply for a one-month repayment holiday with zero fees. <\/span><span style=\"font-weight: 400;\">Credit card customers can benefit from interest-free installment plans for all school fee payments as well as grocery purchases with no processing fees for up to six months.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In <\/span><b>First Abu Dhabi Bank, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank<\/b><span style=\"font-weight: 400;\">, all customers are subject to a three-month payment holiday that applies to new loans and credit cards with a 50 percent reduction in charges. Additionally, interest charges on new loans will be reduced and bank charges for the early settlement of existing loans will be cut in half.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>RAKBANK <span style=\"font-weight: 400;\">i<\/span><span style=\"font-weight: 400;\">s offering a one-time discount of up to 50 percent on overdue transaction fees. Customers can convert education and electronic spending on their credit cards into an Easy Payment Plan at 0 percent interest and zero processing fees for up to 24 months.<\/span><\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Similar measures have been applied in <\/span><b>Sharjah Islamic Bank<\/b><span style=\"font-weight: 400;\">. Any retail customer who has been made redundant or failed to receive their salary due to the current economic conditions can request to defer installments for three months at no charge. Payments on real estate loans can be deferred for one month.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong><em>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/how-many-credit-cards-can-a-person-hold-in-uae\/\">How Many Credit Cards Can a Person Hold In UAE?<\/a><\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_relief_plans_for_businesses_in_UAE\"><\/span><b>What are the relief plans for businesses in UAE?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In <\/span><b>Emirates NBD, Mashreq, Commercial Bank of Dubai, Dubai Islamic Bank and Emirates Islamic<\/b><span style=\"font-weight: 400;\">, small business customers holding merchant loans, equipment loans or business vehicle loans can apply for a repayment holiday of three months with zero interest and fees. Also, the monthly minimum balance required for a basic business banking account has been reduced to Dh 10,000.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In <\/span><b>First Abu Dhabi Bank, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank<\/b><span style=\"font-weight: 400;\">, interest charges on new borrowing have been reduced and bank charges for early settlement of existing loans have been cut in half for all business customers.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>RAKBANK<\/b><span style=\"font-weight: 400;\"> has reduced its SME Prime lending rate and is offering payment holidays for business loans or asset-backed loans for a period of up to six months.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li><b>Sharjah Islamic Bank <span style=\"font-weight: 400;\">has<\/span> <span style=\"font-weight: 400;\">reduced the minimum account balance to Dh10,000.<\/span><\/b><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong><em>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/manage-credit-card-debt-during-covid-19\/\">10 Tips to Manage Your Credit Card Debt During COVID-19 Pandemic.<\/a><\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_additional_help_will_be_provided_to_those_who_are_affected_by_Covid-19\"><\/span><b>What additional help will be provided to those who are affected by Covid-19?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For all individual customers of <\/span><b>First Abu Dhabi Bank, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank <\/b><span style=\"font-weight: 400;\">affected by Covid-19, a three-month payment holiday has been applied to existing loans and credit cards with no additional bank charges. Foreclosures on mortgages have been halted until June 30. Freezing bank accounts has been stopped for customers that are made redundant or have their salaries reduced, until September 30.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All affected business customers of <\/span><b>First Abu Dhabi Bank, Abu Dhabi Commercial Bank, and Abu Dhabi Islamic Bank<\/b><span style=\"font-weight: 400;\"> can apply a deferment of loan payments for up to three months to existing borrowing. The respective bank merchant&#8217;s service charges have been cut in half for eligible SME customers with annual credit card transactions of less than Dh 5 million. Moreover, bank fees and charges have been reduced by up to 50 percent for &#8220;Zero Balance&#8221; accounts.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">At a time like this, the stability of the UAE\u2019s banking system is of utmost importance. Therefore, it is great to see <\/span><span style=\"font-weight: 400;\">banks step up and support the government and the central bank\u2019s economic relief efforts. Even though there aren\u2019t specific clauses that address individual situations, banks are offering refinancing, repayment deferrals, and lower repayments where required.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the COVID-19 virus spreading throughout the world and affecting UAE equally, we all are facing the inevitable economic ramifications. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":576,"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":[7,8],"tags":[130,157,158],"class_list":["post-574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-saving-money","tag-bank-relief-plans","tag-banks-in-pandemic","tag-debt-relief"],"_links":{"self":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/574","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/comments?post=574"}],"version-history":[{"count":4,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/574\/revisions"}],"predecessor-version":[{"id":632,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/574\/revisions\/632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media\/576"}],"wp:attachment":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media?parent=574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/categories?post=574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/tags?post=574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}