Bank dealers reported that they had received offers for personal funds from the employees of their banks or other banks, to take loans, cars or credit cards, but at high interest rates, which required time with them to think and make comparisons to choose the best price, indicating that they were surprised by the bank employees saying that this week It is the last time to accept requests for personal loans and loans, due to the Corona virus, and the banks ’concerns about granting individuals. However, after signing the requests, they discovered that these allegations were not true.
In addition, several banks - Emirates Today contacted - confirmed that these allegations are incorrect and continue to grant funds, but confirmed that the interest rates on personal loans increased, due to the increased risks to lending to individuals, in light of the job instability of some sectors.
For their part, banking experts said: “The dealers who were deceived by them are entitled 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 others.” Explaining that “the customer who signed all the papers and discovered a deception” The marketing employee was offered to bear exaggerated interest rates, compared to other banks, to appeal the complaint to the bank or the central bank, and to request the cancellation of the contract in its entirety because of the fraud he was exposed to.
An additional amount
In detail, the trader said (Ashraf. C), preferring not to give his full name, that the bank employee in whose account he is located and transfer his monthly salary to him, offered him 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 the funding requests, after which he will stop due to the conditions (Kororna), which led him to sign the papers, but he later learned from a friend in the bank that this statement is not true, so he called the employee and asked to stop the whole transaction.
The customer, (Samer A.) said: “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 the granting of any funds to individuals, due to the risks of laying off employees due to (Corona).” He pointed out that the employee offered He had a 3.9% interest, so he signed the loan application, 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, Ibrahim (Q.), confirmed that he had completed all procedures and signed the guarantee check, and when he learned of the employee's deception, he requested the termination of the contract, but the bank asked him to pay 2,500 dirhams of the transaction fees, stressing that he found a difference of approximately 1% between the interest rate on which the financing was taken And among other banks, it offers less offers for high-income people like it.
customers service
To that, a number of customer service employees in a number of Abu Dhabi and Dubai banks - contacted by "Emirates Today" - confirmed the inability of stopping all personal funds, and said, "The finance departments in the banks are operating at full capacity, and part of it is working remotely, and the other part Within the offices of a specific number of branches », but they emphasized that the interest rates on personal loans witnessed an increase of between 0.5 and 1%, due to the increased risks to 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, because of the 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 has the right to obtain all the correct details and information from the bank employee before signing the documents, and if he is exposed to a deception before completing the rest of the procedures from transferring a salary or signing a guarantee check and others, he can not complete the transaction and ask Canceling it, but if the guarantee check is signed and around his salary and he ends all procedures, then he discovers the employee's deception, he can file a complaint with the management of the bank that can review the registrations, or he makes a complaint to the central bank, and he requests to cancel the transaction and not count any fees ».
For his part, the banking expert, Amjad Nasr, said that “the central bank is the one who decides such matters, and so far 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, and it should not be mentioned as an excuse to persuade the client 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 interest.
Interest rates on personal loans increased, to increase the risk of financing individuals.