Pocketful of Dirhams: Affected by Covid-19? How to get debt relief from your UAE bank

Lenders in the Emirates have rolled out a number of measures to support retail borrowers and SMEs

As the number of coronavirus cases and deaths escalate around the world, the virus is affecting our lives and our finances in one way or another.

Containment measures in the UAE, such as stay-at-home directives, cancelled flights and the closing of schools, malls and beaches could lead to a drop in revenue for businesses and a cut in income or job losses for residents.

With this in mind, many banks in the UAE have rolled out new relief measures to help individuals cope with the fallout of the crisis.

For retail customers the measures include debt repayment holidays of between one and six months, reduced bank charges, and lower interest rates on new credit.

So how can consumers affected by the crisis take advantage of the measures? And how do you qualify as “being affected”?

Host Alice Haine, the personal finance editor of The National is joined by Ambareen Musa, the founder and chief executive of financial comparison website Souqalmal.com and a panellist on The National's debt panel, who offers guidance on the types of support offered by lenders in the UAE.

Listen to last week's episode for tips on how to handle your property affairs during the pandemic