HSBC has made it easier for customers in the UAE to obtain credit cards , personal loans and mortgage
Tuesday May 17 2011
It said it was halving the minimum salary requirement to obtain credit cards to AED7,500, adding that a salary transfer was not mandatory.
For personal loans, the minimum salary requirement has also been reduced from AED15,000 to AED7,500, the bank said in a statement.
It also said it was increasing its loans to value measurement on mortgages from 75 percent to 80 percent, while the minimum salary requirement was now AED15,000
Rick Crossman, head of Personal Financial Services, HSBC UAE, said: “The economic outlook for the UAE has been improving, along with the credit environment. While we remain a prudent lender, HSBC is committed to its customers, and understands that access to financial services needs to be convenient and affordable.”
He added: “Our revised lending criteria opens these products to a larger number of customers, however it is important to note that customers will be evaluated individually and on a case-by-case basis.
“These changes are also fully in line with recent rulings from the UAE Central Bank regarding consumer lending in the Emirates,” he said.
The news is provided by the Emirates Business 24|7.