- Up to three month and zero fees payment holidays available for loans, cards and mortgages for impacted customers and businesses
- Mashreq committed to ensuring financial wellbeing and security of UAE consumers and businesses
Dubai, UAE: Mashreq, one of the leading financial institutions in the UAE, today announced a range of initiatives to ease the negative financial impact of COVID-19 on its customers. The bank has reaffirmed its commitment to ensuring the financial wellbeing and security of UAE consumers and businesses, as well as the stability of the country’s banking sector.
Starting from April 1 until June 30 of this year, employees and businesses who have been put on unpaid leave due to the outbreak of COVID-19, or belong to affected sectors including airline & travel, oil & gas, and automotive, can approach the bank for a payment holiday on loans, cards and mortgages. The initiatives extend to both existing and new Mashreq customers, offering them increased flexibility and reduced costs in their payment terms, interest rates and processing fees.
Ahmed Abdelaal, Group CEO of Mashreq Bank said: “In an unprecedented time in the history of the UAE, and indeed the world, Mashreq is acutely aware of the financial strain caused by the COVID-19 outbreak on our customers. As a homegrown bank, we are fully committed to ensuring the financial wellbeing and security of the people of the UAE. We are implementing a wide range of benefit packages for consumers and businesses so that they can navigate these uncertain times with increased flexibility and peace of mind. We are extremely grateful to the nation’s leaders and the Central Bank for their support during this trying period, and we continue to work alongside them to ensure the stability of the banking sector and the economy.”
“Our thoughts are with the individuals and families who have been impacted directly by this outbreak. Together, we can remain resilient and come out stronger and preserve the legacy of the UAE as a financial and economic powerhouse, and model for the rest of the world.”
Specific measures taken by Mashreq bank are as follows:
- 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 the UAE for Debit / Credit Cards will be waived for a period of three months
- Credit Card customers will benefit from the 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
In addition to safeguard the interests of the wider population, Mashreq is operating according to the highest safety and security standard to keep its clients businesses running smoothly and without unnecessary disruptions – and is encouraging customers to bank safely via online and mobile platforms. The bank will also continue to monitor the situation and evaluate additional measures to extend necessary support to its customers and the wider community.
For further information on this banking benefits package and access to Mashreq’s full suite of banking services 24/7, customers can visit mashreq.com/StaySafe-StayConnected or call 04-4244403 from 9am to 5pm, Sunday to Thursday.
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices across Europe, Asia, Africa and the US, and a strong presence in all the financial capitals of the world.
As the oldest bank in the UAE, our 51-year old journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart. It also continues to win us numerous awards and accolades in all the fields of banking we operate in – Digital, Corporate, Retail, International, Treasury and Islamic, and across the multiple banking channels we deploy – mobile, digital, online, traditional and telephony.
Mashreq is proud to be the only institution in the UAE to be awarded the Gallup Great Workplace Award for six consecutive years from 2014 to 2019.
For media enquiries, please contact:
Public Relations, Mashreq
Tel: 04 –6083629
© Press Release 2020