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UAE issues new retail-banking rules

by | News

Oct. 31, 18 | 3:46 pm

The UAE Central Bank has issued new terms and conditions on the transfer of retail loans from one bank to another.

The new amendment mandated banks and finance companies to reduce the interest rate without increasing the repayment period.

UAE-based banks or finance companies are also obliged to accept the transfer of the personal loan.

“Any borrower is entitled to transfer his personal loan/financing from any bank or a finance company operating in the country in return for an early repayment commission not exceeding 1 percent of the remaining amount of the loan, or Dh10,000 whichever is less,” the Central Bank said in a statement.

The Central Bank also reminded the banks and finance companies to reduce the interest rate and not to increase the repayment period of those who were granted with loans before the new rule was issued.

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 2.5 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

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