Bank dealers reported that they had received offers for personal funds from their bank employees or other banks to take loans, cars or credit cards but at high interest rates, which they asked for with time to think and make comparisons to choose the best price, indicating that they were surprised by the banks ’employees saying that this week is another A time to accept applications for personal loans and loans due to the Corona virus and the bank’s concerns about granting individuals, but after signing the requests, they discovered that these allegations were not true.
In addition, several banks contacted by "Emirates Today" confirmed that these allegations are incorrect and that they continue to grant funds, but confirmed that the interest rates on personal loans witnessed an increase due to the increased risks of lending to individuals in light of the job instability of some sectors.
On their part, banking experts said that the dealers who were deceived have the right to not complete the procedures, if they signed the requests only without completing the rest of the procedures from transferring a salary or signing security checks or other things, explaining that the customer who signed all the papers and discovered the deception of the marketing employee and subjected to bear Excessive interest rates, compared to other banks, to file a complaint with the bank or the central bank and request the cancellation of the contract in its entirety due to the fraud that he was exposed to.
An additional amount
In detail, the trader said (Ashraf. C), who refused to give his full name, that the bank employee in whose account he is present and transfer his salary for the month, he was offered an additional amount on the loan "Top Up" at an interest rate of 4.2% and when he asked for several days to think, the employee told him That the current week is the last date for receiving funding requests and after that he will stop due to the conditions of Coruorna, which led him to sign the papers, but he later learned from a friend in the bank that these words were incorrect, so he called the employee and asked to stop the entire transaction.
The customer, (Samer A.) said that an employee of one of the banks called him and offered him a personal loan and assured him that it is the last opportunity for financing before stopping granting individuals any funds due to the risks of laying off employees due to Corona, indicating that the employee offered him a 3.9% interest and he signed on He asked for the loan but did not complete the rest of the procedures when he learned that the words of the marketing employee were inaccurate. He stated that he asked to either reduce the interest rate to 3.5% or cancel the transaction, pointing out that he is awaiting the bank’s response.
The customer confirmed (Ibrahim Q.) that he was exposed to the same situation and terminated all procedures and signed the guarantee check and when he learned that the employee had deceived the request to rescind the contract, the bank notified him that he had to pay 2,500 dirhams of the transaction fees, stressing that he found a difference of approximately 1% between the interest rate that was taken He has to finance, among other banks, that offer less offers for high-income people like him.
customers service
To that, a number of customer service employees in a number of Abu Dhabi and Dubai banks, contacted by “Emirates Today”, confirmed that the suspension of personal funds of all kinds is incorrect and said that the finance departments in banks are operating at full capacity and part of it is working remotely and the other part is within the offices of a specific number of branches However, they emphasized that the interest rates on personal loans witnessed an increase in rates ranging between 0.5% and 1% due to the increased risks of lending to individuals in light of the job instability of some sectors.
Financing rate
In turn, the banking expert, Muhannad Awni, said, "The banks raised the price of financing on personal loans because there are higher risks than in previous people's funds due to job market conditions," noting that there are good offers from banks that differ according to the value of the salary and the entity in which it operates.
For its part, the banking expert, Sheikha Al-Ali, confirmed that the customer is entitled to obtain all the correct details and information from the bank employee before signing the documents. If he is subject to a deception before completing the rest of the procedures, from transferring a salary or signing a security check and others, he can not complete the transaction and request to cancel it. But if he signs the guarantee check and transfers his salary and ends all procedures and then discovers the employee's deception, he can file a complaint with the management of the bank that can review the registrations or file a complaint with the central bank and request the cancellation of the transaction and not counting any fees ».
For his part, the banking expert, Amjad Nasr, said that “the central bank is the one who decides such matters and until now the mechanism for granting funds to individuals is unchanged and some banks may set a different policy for some of the affected sectors and freeze their financing, but this is not a moratorium on financing individuals It should not be mentioned as an argument to persuade the customer to take a loan at a high interest rate or others. Stressing that the customer who is being deceived has the right to file an immediate complaint to the bank or the central bank to cancel his transaction if he finds that it is not in his favor.