Bank offers on financing on the occasion of Union Day

Banks operating in the country anticipated the celebrations of the 53rd Union Day of the UAE, which falls on December 2nd, with offers that include reducing the interest rate by about 1% on new personal financing and purchasing existing debts of customers.

These banks exempt citizen customers from transaction fees, as well as insurance fees, while they exempt non-citizens from insurance fees only.

According to information provided by employees of these banks, who preferred to remain anonymous, the offers focus on new personal loans and purchasing existing debts with interest.

A fixed rate starting from 3.99%, which is the lowest rate for personal financing since approximately 2020, and both citizen and non-citizen customers alike benefit from it.

The employees explained that the offer is less than the prevailing interest by about 1%, in addition to giving the customer a three-month rest period before paying the first installment.

The offers will continue until the end of this year, according to these banks, which grant personal financing up to 20 times the customer’s monthly salary.

In response, banking expert, Awatef Al Harmoudi, told Emirates Today that “Union Day is one of the best occasions in which banks present their periodic offers, whether it is a reduction in profits on various transactions, or products bearing the slogan of the Year of Celebration,” pointing out that, for example, For example, last year, some banks provided an exemption from facilities for a period of 52 days on the occasion of the 52nd Union Day.

She explained that banks choose a product from among their products, according to the greatest demand from customers, and present offers on it, whether it is personal financing, car financing, credit cards, or postponement of installments, noting that all of this reflects the patriotic sense of the banks on this occasion.

Al-Harmoudi believed that “any offer accompanied by a touch of loyalty to the country or humanitarian aspects is met with great demand and approval on the part of customers, and increases the chances of marketing banking products on the other hand.”

She said: “Banks are not the only ones that offer offers on the occasion of Union Day, but most of the service and official bodies, including shops, restaurants, and official institutions, try to make the occasion special and full of facilities and discounts, and this is what we are accustomed to every year.”