Banks Classify Customers into Groups for Repayment Postponement

Banks in the UAE have divided their customers into three groups as part of plans to restructure debts to minimise the impact of the COVID-19. Full story

  • The first group will cover all customers without exception and regardless of the financing they have. This group has been offered a postponement of their monthly repayments for a month without fees but interest will be imposed on them.
  • The second group is bank customers whose income has been affected by the pandemic in the form of salary reductions. The banks have requested customers in this group provide evidence of this. They will then approve postponement of their repayments for three months without fees or interest.
  • The third group are those infected by the virus or who have had their salary stopped completely or have been given unpaid leave. This group will be able to get their repayments postponed for six months without fees or interest being levied.

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