Reader complaint
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I took out a loan in October 2017 for a period of 48 months. The first installment started in November 2017 and the last installment should have been in October 2021.

During this period, I took four loan deferments, postponing the loan completion date to February 2022. I applied for the EIBOR (Emirates Interbank Offered Rate) rate of interest, wherein, if the interest rate increased I would lose money by paying the extra amount and if the EIBOR rate decreased, the bank would lose the difference amount.

For the first two years, I paid too much as the EIBOR rate increased. Similarly, during the last 24 months, the installment cost was decreased as the EIBOR rate decreased.

I went to the bank to get a statement in October 2021 and saw 51 total installments whereas it should be 48 installments.

I called the bank and they said they are investigating. Later, they called and said that due to the deferments, there were three excess installment calculated by the system.

After 30 days they continued to say they were investigating.

In November, they said they will only check if I make a complaint through the online advisory option. I lodged a complaint and they kept dragging it till February 2022.

Now, in March 2022 they replied with something new, saying that I took two consecutive installments, which is why my loan plan changed to Rate of Interest instead of EIBOR. There was never such a clause written in the agreement. How is the bank legally allowed to adopt this option without being transparent that if we take two consecutive installments EIBOR will change to normal rate of interest. This is not acceptable at all. Also, I asked them how come the interest amount will exactly match with three extra installments, which is around Dh17,394.

Moreover, the deferment interest should not be more than Dh3,000.

I also told the bank that when I took the loan, the bank gave an option that the first installment will start after 90 days but somehow the first installment started from the very next month itself. This is where I believe the issue bank needs to verify at their end.

I am seeking Gulf News to help me to resolve this case by interfering and get back my money, which is Dh17,000 plus.

From Mr Touseef Ahmed


The management of Emirates NBD responds: We are pleased to inform you that our Group Customer Experience team has been in touch with Mr Touseef Ahmed and provided him with the necessary clarifications regarding his claim.

While we cannot comment on the specifics of individual cases to maintain confidentiality and privacy, we confirm having followed the appropriate procedures. The Bank has assisted Mr Ahmed to the fullest extent.

We would like to reiterate our commitment to providing superior service to our customers and thank you for your continuous support in providing us with the opportunity to resolve their issues.

(Process initiation: March 30, 2022. Response from organisation: April 6, 2022.)