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.

Eligibility

• Origination date of the loan should be prior 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 to be taken for participation in the NLS scheme
• The customer undertakes not to seek any loans or credit facilities from any bank or finance company during the period of repayment of the NLS loan
• The customer agrees to cancel all credit cards issued by the bank and other banks and finance companies

Terms and conditions apply

Interest rate / profit rate to be reduced to 3 Month Emirates Interbank Offered Rate (EIBOR)*. National Loans Scheme interest rates/ profit rate are subject to change twice a year at the beginning of each January and July.

*Present rate of 0.3825% (as of 1st January 2021). This may vary as a result of fluctuations in EIBOR published by the Central Bank of the UAE.