“Ras Al-Khaimah National” allows individuals to postpone loans for 3 months


Ras Al-Khaimah: «The Gulf»

The National Bank of Ras Al-Khaimah announced yesterday, Tuesday, other plans to provide financial relief to individuals, small and medium enterprises, and companies affected by the economic consequences of the Corona virus, also known as (COVID-19).

The National Bank of Ras Al-Khaimah pledged immediately, to work with individual and SME clients and large companies, and to consider each case individually, in order to provide flexible solutions to help them deal with challenges, such as salary disruptions due to the Corona virus (COVID-19), Or help customers who have contracted the virus.

For individual customers, the bank will postpone payments for up to 3 months in relation to auto loans, personal loans for hired individuals, freelancers and those affected by the Corona virus, without any fees. Credit card holders will be given the option to postpone card payments for one month without any penalty fees for deferral.

The bank will also offer customers the option to convert education and electronic purchases paid by credit cards into a soft payment plan (EPP) at an interest rate of 0% and without commission for a period of up to 24 months. A soft payment plan (EPP) provides students ’families with the technological tools needed to meet their children’s e-learning needs throughout their educational journey, and helps individuals work from home, allowing them to purchase laptops and tablets, and better manage their money flow in difficult times. With the difficulty in reaching schools at the present time, the National Bank recommends that they make digital payments for all payments related to school matters through the Skiply application of the National Bank of Ras Al Khaimah, for schools that use this application.

Small and medium-sized enterprises facing difficulties due to hedge spending by citizens and the decrease in economic activities following the outbreak of the Corona virus are encouraged to contact the bank and discuss the financial relief options it can provide them. This includes reducing the main lending rate for SMEs from the National Bank of Ras Al-Khaimah, and providing a delay of up to 6 months for customers with business or asset-backed loans for businesses that are directly affected by the Corona Virus (COVID-19) without imposing any additional fees, Or penal benefits.

The National Bank of Ras Al-Khaimah has established a direct phone line to assist business banking customers in these difficult times, or to urge them to contact directly their relationship manager for further assistance. It should be noted that business customers who are supported by commercial and real estate financing solutions will be dealt with, as each case will be considered on a case-by-case basis, and the necessary assistance provided.


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