UAE: Losing your job? Here’s how to avoid a travel ban if you have a personal loan

UAE: Losing your job? Here’s how to avoid a travel ban if you have a personal loan

A KT reader asks what would become of his loan if he loses his job

Published: Sun 13 Aug 2023, 8:50 AM Last updated: Sun 13 Aug 2023, 8:56 AM

Question: I have been told that I will be out of a job by the end of this month. I have some liabilities, including bank loans. Will I face a travel ban? If yes, how does it work as I won't have a job (and therefore, visa) by the end of this month?

Answer: Pursuant to your queries, it is assumed that you have availed a personal loan from a lender in the UAE. Therefore, the provisions of Notice No. 3692/2012 of Central Bank of the UAE pertaining to General Terms & Conditions and Loan Agreements texts drafted and approved by Emirates Bank Association; Federal Decree Law No. 14 of 2020 Amending Certain Provisions of Federal Law No. 18 of 1993 Concerning the Commercial Transaction Law and UAE Federal Decree Law no. 42 of 2022 on Civil Procedures Law are applicable.

In the UAE, a personal loan provided by a lender to a borrower may fall under the provisions of Personal Loan Agreements Formats Approved by the Central Bank of UAE. When a personal