March 26, 2020 / 3:25 PM / 11 days ago

BRIEF-Dubai's Mashreq Announces Initiatives To Ease Negative Financial Impact Of COVID-19

March 26 (Reuters) - MASHREQBANK:

* ANNOUNCES INITIATIVES TO EASE NEGATIVE FINANCIAL IMPACT OF COVID-19 ON ITS CUSTOMERS INDIVIDUAL CUSTOMERS

* A SIZEABLE NUMBER OF THE BANK’S HOME LOAN, PERSONAL LOAN & CREDIT CARD CUSTOMERS WILL GET A PAYMENT HOLIDAY OF UP TO THREE MONTHS WITH NO EXTRA FEES OR CHARGES; CURRENT INTEREST RATES APPLY. MASHREQ WILL REACH OUT TO THESE CUSTOMERS DIRECTLY.

* ALL INTERNATIONAL FUND TRANSFERS USING QUICKREMIT SERVICE WILL GET 50% WAIVER ON FEES

* CASH WITHDRAWAL & ATM USAGE FEES AT ALL ATMS IN UAE FOR DEBIT / CREDIT CARDS WILL BE WAIVED FOR A PERIOD OF THREE MONTHS

* CREDIT CARD CUSTOMERS WILL BENEFIT FROM FOLLOWING: * ZERO PROCESSING FEES FOR SIX MONTH EASY PAYMENT PLAN ON GROCERIES AND SCHOOL FEES

* REFUND OF FOREIGN EXCHANGE FEES FOR TRAVEL CANCELLATIONS BOOKED

* 50% PROCESSING FEE WAIVER ON EASY CASH, BALANCE TRANSFER, & EASY PAYMENT PLAN

* FOR CUSTOMERS PLACED ON UNPAID LEAVE OR HAVE BEEN DIAGNOSED WITH COVID-19, THEY CAN AVAIL: * UP TO THREE MONTHS PAYMENT HOLIDAY ON PERSONAL LOAN & HOME LOAN WITH NO EXTRA FEES OR CHARGES AND ZERO INTEREST

* 0% INTEREST WITH THREE MONTHS PAYMENT HOLIDAY ON MASHREQ CARDS SMALL AND MEDIUM ENTERPRISES

* SIZEABLE BUSINESS BANKING LOAN CUSTOMERS WILL GET A PAYMENT HOLIDAY UP TO THREE MONTHS WITH NO EXTRA FEES AND CHARGES, CURRENT INTEREST RATES APPLY. MASHREQ WILL REACH OUT TO THESE CUSTOMERS DIRECTLY

* BUSINESS BANKING WORKING CAPITAL CUSTOMERS AND THOSE DIRECTLY AFFECTED BY COVID-19 SHOULD CONTACT THEIR RELATIONSHIP MANAGER TO WORK OUT INDIVIDUAL SOLUTIONS

* FOR BUSINESS BANKING & NEOBIZ CUSTOMERS HOLDING A BASIC BANKING ACCOUNT, THE MINIMUM BALANCE REQUIREMENT WILL BE REDUCED TO AED 10,000 AND FALL BELOW FEE WILL NOT BE LEVIED FOR THE NEXT THREE MONTHS. CUSTOMERS APPLYING FOR NEW PRODUCTS

* CUSTOMERS WHO APPLY FOR A PERSONAL LOAN OR A HOME LOAN WILL RECEIVE A 50% PROCESSING FEE WAIVER & PAYMENT HOLIDAY FOR UP TO THREE MONTHS

* CUSTOMERS WHO APPLY FOR A HOME LOAN AND ARE FIRST TIME BUYERS, WILL BENEFIT FROM AN EXTRA 5% LOAN-TO-VALUE WITH ZERO PROCESSING FEE

* NEW CREDIT CARD CUSTOMERS WILL BE CHARGED ZERO INTEREST FOR RETAIL PURCHASES FOR THE FIRST SIX MONTHS

* CUSTOMERS APPLYING FOR A NEO ACCOUNT WILL GET A FALL BELOW FEE WAIVER FOR THE FIRST THREE MONTHS ON THEIR SMART ACCOUNT

* CUSTOMERS WHO APPLY FOR A BUSINESS BANKING OR NEOBIZ ACCOUNT WILL GET A FALL BELOW FEE WAIVER FOR THE FIRST THREE MONTHS ON THEIR BASIC ACCOUNT Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below