“UAE Central Bank”: Postponing the payment of installments of personal loans and car loans

Within the framework of the facilities provided to citizens and residents who are suffering from difficult economic conditions resulting from the prevailing weather conditions, the Central Bank directed to postpone the payment of installments of their personal loans and car loans for the specified period without any additional costs.

Issued UAE Central Bank An important notice to banks and finance companies regarding providing facilities to their customers affected by the recent weather conditions witnessed in the country.

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And in the details The Central Bank announced the possibility of postponing the payment of installments of personal loans and car loans for a period of up to 6 months, without imposing additional fees or an increase in interest on the deferred amounts. This step comes within the framework of continued support for citizens and residents who have been affected by weather situation Prevailing.

On the other hand, the Central Bank clarified that damage to vehicles and homes as a result of the heavy rains that the UAE witnessed recently is covered by insurance if a comprehensive insurance policy is available. He pointed out that the relevant insurance companies are responsible for providing appropriate compensation to owners of damaged properties and vehicles.

While the Central Bank called on members of the public to check the terms of the insurance policy and understand them well to obtain their rights regarding the compensation due. In the event of any complaint or dispute with insurance companies, they can go to the “Sanadak” unit, which specializes in the amicable settlement of banking and insurance disputes.