In accordance with the Central Bank's personal loan laws, a number of UAE-based banks want to raise the minimum balance requirement from the existing Dh3,000 level to Dh5,000.
One bank has already imposed these fees, according to a report published on Tuesday by the Arabic daily Emarat Al Youm. The new rule will go into force on June 1.
Customers who do not meet the new Dh5,000 minimum amount will be charged a Dh25 monthly fee under the updated policy, unless they have personal financing with the bank or own a credit card.
