Banks in the UAE are extending no-instalment periods of up to 3 months as incentives on new loans to offset concerns applicants have about high interest rates and EMIs. A majority of the bank loan schemes promoted during Ramadan have this and cash-back as central to the offer.
Not just that, the UAE banking sector is making it easier to procure new loans. The minimum requirements to get a new loan approved are a Debt Burden Ration (DBR) that is less than 50 per cent (maximum permitted by the UAE Central Bank) and a credit score over 580 points.
Source : UAE Banks Provide Relief to Borrowers with No-Instalment Periods on New Loans