Banks May Defer Loan Instalments for 6 Months Amidst Floods - UAE Central Bank
The Central Bank of UAE has released a notification, for banks and insurance companies to allow deferment of installments of car loans and personal loans for 6 months for individuals affected by the aftermath of storms and floods.
Furthermore, the deferral shall be devoid of any extra fees, interests, or profits, or otherwise increase the principal amount of the loan for the deferral of the repayment of installments.
Destructions to homes and vehicles will be covered by insurers if the individual possesses a valid comprehensive insurance policy, confirmed the Central Bank. Besides, real estate owners are also eligible to claim insurance for all the damages due to rain and natural calamities mentioned in their policies.
The Central Bank has asked every individual to carefully assess their policy documents and become aware of their insurance rights. In case of any complaints or concerns, customers must reach out to SANADAK, the financial and insurance ombudsman.
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