COVID-19: All the ways in which your bank will help you

Relief during coronavirus includes deferred installments and reduced charges

Last updated: May 06, 2020 | 14:09

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Have you been negatively affected by COVID-19? Here's how UAE banks will be providing relief.

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While banks have announced specific relief packages that may vary to some extent, you can expect some support from your bank in terms of lower bank charges and deferred installments.

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Contact your bank directly for requesting some relief on payments.

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You will also need to provide evidence if you are claiming to be negatively affected by COVID-19.

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This includes those who are medically or financially impacted.

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Banks are offering deferred installments.

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You can expect some sort of a payment holiday, even through the period of deferment may vary based on your situation.

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School fee payment can also become easier as some banks are converting the payment into zero-interest installment plans.

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You can also pay your utility or grocery bills back through easy payment plans.

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Some banks are also waiving usage charges for withdrawing money from ATMs of other banks.

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Late payment fees for credit cads has also been reduced by several banks.

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If you withdraw money from your credit card, some banks are charging lower charges.

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Credit card loans are also being offered by some banks at zero interest.

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Cancelled a travel plan? Request your bank to waive any currency exchange charges they may have levied on the transactions.

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If you apply for a new loan, you can expect to pay the first installment three months later.

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Early settlement fees have also been lowered to reduce financial burden on customers.

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Mortgages are also being offered on more attractive terms, including a higher loan to value ration.

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How do I ask my bank for relief?

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Which documents do I need to provide?

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