Best Buy The promotion slashes loan rates and offers the chance to win free airline tickets to Malaysia.
Emirates NBD cuts rates on credit cards and car loans
Emirates NBD (ENBD), the country's biggest bank by assets, is offering discounted rates on a range of finance products, including personal loans, car loans, credit cards and bank insurance.
The move follows new regulations introduced by the UAE Central Bank since February in an effort to halt excessive lending and lower high service fees.
The Central Bank announced the new rules after a spike in the number of complaints from consumers. The regulations cover personal and car loans and caps the amount that can be borrowed at 20 times a person's salary for a maximum of 48 months. Lenders have also been restricted on the amount they can charge for service fees in relation to savings accounts, debit cards and cheques.
ENBD's two-month promotion is aimed at customers in Abu Dhabi and Al Ain and also offers them a chance to win one of 10 air tickets to Malaysia.
"Customers applying for a personal loan at any of the branches in Abu Dhabi and Al Ain will receive a 1.5 per cent discount, with minimum interest rates of 8.99 per cent," the bank said this week.
"Car loan applicants can avail reduced monthly payments in addition to a buy-back guarantee on Nissan and Toyota cars."
The lender is also offering a range of benefits to customers who apply for a free-for-life Mastercard Dnata Platinum, Gold or Silver credit card. And new Aviva savings account holders will receive travel insurance, home furniture insurance and a critical-illness plan free of charge for one year.
"Our personal banking clientele is spread across a wide range of demographics, professionals and age groups," says Saif Al Mansoori, the deputy head of group marketing and branding at ENBD.
"We aim to ensure that customers across the country can benefit from our innovative banking solutions. With this promotion, we are focusing on products and services that will appeal to our varied customers in the Abu Dhabi and Al Ain areas."
For more information, go to www.emiratesnbd.com.
Meanwhile, Emirates Islamic Bank (EIB), the Dubai-based shariah-compliant lender, is offering customers a 0.4 per cent rate on 10 per cent of their personal finance through its Investment Murabaha service.
Faisal Aqil, the general manager of retail banking and deputy chief executive of EIB, says Investment Murabaha is a service that allows customers to take out personal finance to invest in shariah-compliant shares traded on the Dubai Financial Market and Abu Dhabi Securities Exchange.
"Eligible customers will enjoy 10 per cent of their finance amount for only 0.4 per cent," he says. "For instance, a profit rate of only 0.4 per cent will be charged on 10 per cent of the personal finance - Investment Murabaha amount."
The promotion ends on July 31. For more information, call 04 316 0101.