National Loans Scheme
Important Notice regarding the launch of National Loans Scheme
The Central Bank of the UAE launched the National Loans Scheme on 16 March 2019.
National Loans Scheme is an initiative aimed at easing the burden of debt accumulation for UAE nationals and to help them manage their debt settlements.
The new National Loan Scheme consolidates all loans and introduces a monthly instalment limit of 50 per cent of income, or 30 per cent of pensions, over a set period and in line with the maximum age restriction by Central Bank UAE. The new scheme also includes a cap on the maximum interest rate applicable by Banks, which cannot exceed 3M EIBOR Emirates Interbank Offered Rate (EIBOR). This rate is updated daily by Central Bank UAE for reference.
The National Loan Scheme will be applicable for personal loans granted before May 2011 which exceed maximum settlement amounts and periods. In addition to personal loans, other eligible loans include auto loans, overdraft facilities and credit card balances, but will exclude mortgage loans and loans for shares or deposits. Islamic finance facilities with the above mentioned criteria have also been considered.
If you are an existing customer with a personal loan and meet all the criteria as stated above, NBF will get in touch with you shortly to register your credit facilities as NLS if you select to participate in the scheme. Please note that customers who are registered for NLS will NOT be allowed to take any further credit facilities from any Banks in the UAE.