Interest-free loans for those affected by heavy rains in Dubai

rawda samy - | UAE

People affected by the excessive rains in Dubai are eligible for free loans with no interest.

The recent rains may result in interest-free loans for some Dubai-based businesses.

An interest-free loan initiative in Dubai to help those affected by the rain.

In Dubai, a program provides interest-free loans to individuals affected by the rain.

With the special incentive, qualifying businesses are able to acquire loans with no interest for a maximum amount of Dh300,000, and the grace period on these loans ranges from six to twelve months.

An announcement was made on Saturday that some small and medium-sized businesses in Dubai that were affected by record rains the previous week could be eligible for loans that do not require interest payments.

The Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), which is a subsidiary of the Dubai Department of Economy and Tourism (DET), is the organization that initiated this new initiative for Emiratis.

In addition, Emiratis who own small and medium-sized enterprises (SMEs) could receive deferrals and grace periods for loans that are already in place.

Enterprises that have been impacted by the bad weather conditions that have been experienced in the UAE recently are the target of this project, which aims to further enhance recovery efforts that are currently underway to help stabilize these enterprises.

UAE banks postpone personal loan installments for residents affected by heavy rains.

Residents of the UAE who have been impacted by excessive rains have had their personal loan installments postponed by banks.

The United Arab Emirates Central Bank earlier announced that local banks might allow citizens affected by the recent heavy rains to defer their personal loan payments.

With the special incentive for Dubai SME members, qualified enterprises have the opportunity to obtain interest-free loans of up to Dh300,000 with a grace period ranging from six to twelve months.

This provides them with enough time to repair or replace damaged properties that are essential for their individual businesses' efficient functioning.

This exemplifies the Fund's determination to provide assistance to the impacted small and medium-sized enterprises (SMEs) in order to overcome the problems, further establishing the role that Dubai SME plays in promoting economic sustainability within the SME community.

How to get an interest-free loan for businesses in Dubai after the storm?

What are the requirements for securing an interest-free loan in Dubai after the storm?

To facilitate a speedy recovery, the Chief Executive Officer of Dubai Small and Medium Enterprises, Abdul Baset Al Janahi, stated that the company is working with partners to investigate potential solutions to mitigate the consequences of the current weather conditions that have afflicted the country.

Members of Dubai Small and Medium-Sized Enterprises (SME) can submit the necessary documentation to the Fund's designated relief finance committee by visiting the Mohammed bin Rashid Fund for Small and Medium-Sized Enterprises website at www.thefund.ae or by calling the customer service center at 600 555 559.

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