ADCB offers to defer loans and waive interest for customers hit by coronavirus – The National

  • Date: 19-Mar-2020
  • Source: The National
  • Sector:Economy
  • Country:UAE
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ADCB offers to defer loans and waive interest for customers hit by coronavirus – The National

ADCB offers to defer loans and waive interest for customers hit by coronavirus. The move will support 1.2 million retail customers of ADCB and over 50,000 SME customers of Al Hilal Bank. Abu Dhabi Commercial Bank is offering to defer loan payments and waive interest for up to six months for customers impacted by the coronavirus outbreak.. The lender said the move, effective from April 2, will support 1.2 million retail customers of both ADCB and Al Hilal bank, as well as more than 50,000 SMEs who bank with ADCB.. A payment deferral will also be available on request for customers who have personal loans, car loans or mortgages, with no extra charges incurred.. The measures would also be applicable to retail customers of Al Hilal Bank, which merged with ADCB and Union National Bank last year.. ADCB revealed a number of measures for its SME customers as well.. It will also waive the interest due on all equipment and business loans by 1 per cent and 3 per cent, respectively.. The Abu Dhabi bank also said it would reschedule working capital facilities on a case-by-case basis to help businesses deal with cash flow disruptions.. The Targeted Economic Support Scheme,