Times are tough, but these Dubai banks are here to help…

It’s not just our health and well-being that’s been effected by Covid-19, with the economic impact also being felt across the city.

As people adjust to reduced working hours and unpaid leave, Dubai’s banks have banded together to offer some financial relief to individuals and small business owners.

According to an announcement from the Dubai Media Office on Saturday, the move follows the directive of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, and aims to ease financial pressures while stimulating the economy.

If you have a retail loan with Emirates NBD, Mashreq or Commercial Bank of Dubai and have been placed on unpaid leave, you can apply for a three-month repayment holiday, with zero fees.

For those with a personal loan, car loan or mortgage with these banks, you can apply for a fee-free, one-month repayment holiday.

Credit card holders can also ask about interest-free options when using your card to pay for school fees and groceries.

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Dubai Islamic Bank and Emirates Islamic have announced their own initiatives, including easy payment plans for school fees, a 50 per cent reduction on cash advance fees, and up to three months deferred installments without fees or charges.

This is welcome news for anyone who is facing financial hardship due to reduced work hours or unpaid leave. It follows the news last week that Abu Dhabi’s economy is getting a multi-billion dirham injection, and Sheikh Hamdan announced a 10 per cent reduction on DEWA bills for three months.

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