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A number of banks have started offering private loans to Emirati Golden Iqama holders at marginal interest rates compared to normal Iqama holders. Giving more than 1.5% discount. Payment is also facilitated. A relaxation of up to four months has been given in the payment of the first installment. According to Emirates Al-Youm newspaper, Imran Ahmed, a banker, said that local banks are giving preferential treatment to long-term iqama holders, especially foreigners who have 10-year iqamas. They are also being given the facility of fee exemption or fee reduction and insurance fee.
Imran Ahmed said that Golden Iqama holders are benefiting from the above mentioned discounts. He has encouraged the transfer of private loans during the last 2 months. Some have entered into debt restructuring proceedings with the banks they were dealing with.
Imran Ahmed pointed out that the banks have a large amount of cash and they want to take advantage of it. Issuance of private loans is the most important option in this regard.
