National Loans Scheme (NLS)

The Scheme is developed by the Central Bank of the UAE to address excessive debt burden of the most indebted UAE Nationals
The Scheme is developed by the Central Bank of the UAE to address excessive debt burden of the most indebted UAE Nationals.

National Loans Scheme (NLS)

The Scheme is developed by the Central Bank of the UAE to address excessive debt burden of the most indebted UAE Nationals. Scope includes Personal Loans, Car Loans, Overdraft facilities, Credit Card balances and excludes Mortgage Loans and Margin Lending.

The Bank contacted All UAE national customers who met the following criteria.

  1. Origination date of Loan should be before May’ 2011.
  2. Debt burden ratio should be above 50% of salary/income or 30% of Pension.
  3. Remaining loan tenor should exceed 48 Months (60 Months for customers working for Armed Forces).

Features and Benefits

  • Interest/Profit rate will be reduced to 3 Month EIBOR
  • Debt Burden Ratio will be reduced to 50% of Salary/income or 30% of Pension

Terms and Conditions

  • Irrevocable Salary/Pension assignment from existing/future employers until full settlement of the NLS loan
  • Customer should submit an undertaking that they will not seek any loans or credit facilities from any Bank or finance company till NLS loan is fully repaid
  • The customer agrees to cancel all credit cards issued by the bank and other banks and finance companies

For further details, Contact: 600565656



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