Extraordinary times call for extraordinary banking measures…

Three Abu Dhabi banks have joined forces with Abu Dhabi Department of Finance and the Department of Economic Development in Abu Dhabi to enact a series of measures to ease financial burdens brought on by the coronavirus pandemic.

First Abu Dhabi Bank, Abu Dhabi Commercial Bank Group and Abu Dhabi Islamic Bank will provide their customers with 17 financial support commitments, available until the end of June.

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Of these 17 incentives, 10 of them specifically relate to individuals, with the other seven relating to small- and medium-sized businesses.

What does this mean for you?

Customers who have been “impacted by Covid-19” get the biggest financial wins: the ability to delay existing credit card and loan repayments for up to three months; protection from foreclosure of mortgages and suspension of bank accounts; and the ability to spread utility bill payments with no service fees.

We’re yet to clarify how the banks are determining “impacted by Covid-19”, but if you’ve recently lost your job or are working reduced hours, it’s certainly worth speaking to your bank to see what sort of evidence they’ll need to give you this support.

For everyone, regardless of Covid-19-related hardships, the three banks are offering: deferral of new loan and credit card repayments for three months (note the word ‘new’); reduced interest charges on new loans; a 50 per cent reduction on the bank charges of early loan settlement; and, in amazing news for anxious parents, interest-free loan and school fee payments with no service charge until June 30, 2020.

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The full list for both individuals and companies can be found on this Tweet from Abu Dhabi Government Media Office:

These new initiatives fall in line with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces’ instructions for institutions to support the local community in Abu Dhabi.

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