This new initiative is in line with the Group's reputation of being a financial institution that cares for its customers. The initiative will be supported by a sustained media campaign that will advise the UAE residents on the merits of borrowing prudently and avoiding the temptation of high loan amounts.
Mr. Jamal Bin Ghalaita, General Manager, Consumer Banking and Wealth Management at Emirates NBD, said:
"There are many ways to get high loan amounts rather easily today, and this can result in customers being over-leveraged into a long-term debt trap by borrowing more than they need. This initiative is designed to raise awareness of borrowing within one's budget, and will be strongly supported by our Staff who will carefully assess a borrower's repayment capacity before disbursing a loan."
Mr. Suvo Sarkar, General Manager, Retail Banking at Emirates NBD, said:
"Emirates NBD is the first Bank in the region to introduce a unique 7-days loan return option under which any loan customer who is not satisfied with any of our terms and conditions can return the loan to the Bank within a week. All levied fees and charges will be reversed. Helping to educate consumers on how to properly manage debt is more than a corporate goal for Emirates NBD, as we believe that sound financial planning is a pillar for continued economic growth."
After assessing personal loan applicants for their repayment capacity, the bank will disburse the loan for a tenure that is suitable to the borrower. Large loan amounts and long repayment periods that can place a considerable strain on the borrower will be minimized through this process.
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