The Central Bank confirmed the write-off of three billion and 338 million dirhams on citizens who met the conditions of the "citizen loans program", by the banks participating in the program.
Al-Markazi announced that 4,001 citizens benefited from the “Citizen Loans Program”, until the end of January 2020. And revealed in a special statistic, published on the economics of “House Sciences” through the Abu Dhabi Channel, yesterday, that the total loans that were rescheduled amounted to five billion and 430 million AED under the terms of the program that was launched less than a year ago.
The statistic indicated that the number of loans that meet the conditions reached 13,459 loans, valued at 14 billion and 955 million dirhams, while the number of requests received, as of the sixth of February, has reached 6040 applications, 4001 applications were approved, while 2039 is considered An application under the procedure and review as applicable.
Central Bank Governor Mubarak Rashid Al-Mansoori stressed that the bank will continue to follow up on the implementation of the “Citizen Loans Program” to reduce the burden of accumulating debts on citizens, and help them pay them off, in addition to making sure banks comply with the regulations of the Central Bank.
He added that, in cooperation with 16 national banks, 4,001 citizens' loans, amounting to 5.43 billion dirhams, were rescheduled, thanking the banks participating in the program for writing off and providing an amount of no less than three billion and 338 million dirhams to citizens who met the terms of the program, particularly the bank Abu Dhabi Commercial, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, for their efforts to address the largest number of citizens' debts.
The “Citizen Loans Program” aims to reduce citizens ’debt burdens by addressing their personal consumer loans, which were granted before the system of bank loans and other services provided to individual customers entered into force in May 2011, and the monthly deduction percentage in them exceeds 50% of the salary or income The fixed period, and the deduction period in it exceeding four years.
Loans are handled through the “Citizen Loans Program” by rescheduling loans, setting a maximum monthly deduction with a rate that does not exceed 50% of the monthly income, or 30% of the income of retired bank customers, and rescheduling the interest / profit rate to the ratio of EIBOR for three months or less.
- 16 national banks cooperated to reschedule loans.