Due to the current pandemic situation, my salary has been reduced and I am struggling to pay the loan each month. I also have debts to pay in my home country. However, I haven’t missed a payment.
I would like to clear the remainder of the debt at a discounted rate and with no early discharge penalties. I don’t want to request a payment holiday or even restructure the loan under the Central Bank of the UAE’s Targeted Economic Support Scheme (Tess). I just want to pay the loan out as soon as possible.
Can you advise me on what I should do regarding this? Are banks open to these types of discussions – or will they only allow me to restructure it under Tess?
Hesham Abdulla Al Qassim
DUBAI, January 27, 2021 Emirates NBD (ENBD) a leading banking group in the region, delivered a net profit of AED7 billion ($1.9 billion) in 2020 despite a challenging operating environment, marking a 52% y-o-y decline on higher provisions and gain from sale of Network International shares not repeated in 2020. Total income increased 4% y-o-y as the positive contribution from DenizBank helped offset a decline in net interest margin due to lower interest rates and a reduction in non-funded income, an ENBD statement said. Emirates NBD provided support to over 103,000 customers in the UAE, and provided assistance to many customers in the other geographies in which the Bank operates. Emirates NBD further enhanced its digital products and services as an increasing number of customers embraced this secure and convenient way of banking.