Abu Dhabi Commercial Bank (ADCB) has announced new measures to help residents and businesses.
Loan payments have been deferred and interest waived for up to six months for customers affected by the coronavirus outbreak.
ADCB said the new measures will be effective from April 2 and will help all customers and SMEs who bank with the company.
However, ADCB has said that relief measure will be subject to an “appropriate level of scrutiny” from the bank.
Payment deferral and the waiving of interest charges will be offered to customers who are placed on unpaid leave and will also be on offer for customers with personal loans, car loans or mortgages, with no extra charges incurred.
Other measures announced include a five percent increase in the loan-to-value ratio for first-time homebuyers, a full refund of processing fees on foreign currency credit cards, reduction of 50 per cent in late payment charges on credit cards and interest-free instalment plans for school fee payments.
In addition, ADCB will also offer a refund on charges for cash withdrawals from ATMs.
For more information, visit www.adcb.com.
