Central Bank: Banks and financing companies can postpone car and personal loan repayments for 6 months to overcome the repercussions of the weather condition
Abu Dhabi, April 22 / WAM / Today, the Central Bank issued a notice to all banks and finance companies regarding the possibility of postponing the payment of installments of personal loans and car loans for customers affected by the repercussions of the weather condition for a period of six months without imposing additional fees, interest/profits, or increasing the amount of the loan principal on the loan. The client in exchange for postponing the payment of installments.
On the other hand, the Central Bank confirmed that the damage to vehicles and homes resulting from severe rain as a result of the weather condition that the UAE witnessed last week is covered by insurance in the event of an insurance policy against the risks of loss and damage, or what is called (comprehensive insurance), and the insurance companies that issued are considered Those documents are responsible for compensation.
He added that this situation applies to homes as well, as property owners of homes and buildings covered by insurance have the right to repair any damage that occurred as a result of rain or recent weather fluctuations.
The Central Bank directs the public to read and understand the insurance document to guarantee their insurance rights, and to go to the “Sanadak” unit to settle banking and insurance disputes in the event of a complaint or dispute with insurance companies.
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