National Loans Scheme (NLS)

The National Loans Scheme (NLS) was developed by the Central Bank of the UAE, in consultation with UAE Banks Federation and national banks to reduce the debt burden of the UAE Nationals. The bank is committed to reduce the debt burden of UAE Nationals, who have loans originated prior to May 2011, and at present their installments exceed 50% of salary/income and their tenor is more than 48 months.

Bank would be contacting the eligible customers who meet the NLS eligibility criteria

Origination date of the loan should be prior to May 2011 and remaining loan tenor should be more than four years

Debt Burden Ration (DBR) should be greater than 50% for regular customers and greater than 30% for pensioners

Customer’s consent for participation in the NLS scheme

The customer undertakes not to seek any loans or credit facilities from any bank or financial institution during the period of repayment

The customer agrees to cancel all credit cards issued by the bank, other banks and financial institutions