Announcing new conditions from UAE banks for obtaining credit cards and loans
Hours ago, new conditions were announced by UAE banks for granting loans and credit cards to customers in order to be able to assess the customer’s ability to bear the loan costs.
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Announcing revisions to the terms under which credit cards and loans can be obtained from UAE banks
A few hours ago, banks in the UAE made public their plans to implement new requirements for the provision of credit cards and loans to clients in order to facilitate the evaluation of each individual's capacity to pay back the money borrowed.
Conditions of UAE banks for obtaining a loan
The terms and conditions for receiving a loan from UAE banks, According to an evaluation model obtained by the Emirates, banks that operate in the country require the customer to sign a document that includes a comprehensive assessment of the ability to pay the costs of the loans, including interest, fees, and monthly installments. This assessment takes into account the family's household expenses by setting approximate amounts for each item according to the monthly income. Today" on a copy of it, and in detail, banks in the country have required those who apply for financing, whether it is a loan or a credit card, to sign clauses that include a detailed assessment of the customer's disposable income and his ability to bear the costs of the financing that has been applied for, taking into account Contributed household expenses. This requirement applies to those who apply for financing, regardless of whether it is a loan or a credit card.
Revenues calculated by UAE banks for granting loans
Revenues determined by banks in the UAE for the purpose of loaning money, According to these banks, the evaluation is based not only on what is disclosed by the customer during the application for financing, but also on the revenues that are computed according to the documents that are submitted to the bank. The revenues consist of the customer's fixed income, which may come from a salary or from the customer's business, as well as any set bonuses, in addition to the customer's housing rent, schooling allowance, guaranteed bonus, and so on. Incentives and rental revenue received on a monthly basis are also included in this category of income. Revenues also include any other monthly income, such as money from rent, from a spouse, wife, parents, or other family members, investment, or any other income that is not considered to analyze eligibility for financing. Revenues also include any other income that is not considered to evaluate eligibility for financing. The customer, yet it contributes to his monthly income overall. According to the credit report that was provided by Al-Etihad Credit Information Company, the form provides specific information regarding any and all additional banking responsibilities that the customer may have, as well as the value of the monthly payments that the customer is responsible for paying, in addition to the total sums that are still outstanding. In addition to this, the entire amount of the customer's other bank commitments as well as the percentage that these liabilities make up of the total monthly revenue are also displayed, together with the value of the additional financing that was provided by the client, the type of financing that was provided, and the proportion that this form of financing made up of the customer's overall income.
