| Client Circumstances | Months of Relief Already Taken | |||
| Loan Status | <= 6 | > 6 and <= 9 | > 9 | |
| Temporary Financial Stress a. Temporary Income Reduction b. Unpaid Leave c. Permanent Income Reduction < 50% |
No Overdue Payments | Eligible | Eligible | Not Eligible |
| No Overdue Payments for more than 89 days | Eligible | Not Eligible | ||
Note: Accounts with overdue payments of more than 89 days are not eligible for the Payment Holiday.
To support our credit card customers, we have introduced a series of measures to help ease the financial burden on our clients during these difficult times:
Payment Holiday Service
To find out if you are eligible and to apply for the Payment Holiday, please click here
| 1 | How does the Payment Holiday work?You will not be required to pay for any outstanding or any new purchases for the next 3/6 months. The Minimum Amount Due (“MAD”) will be zero for the duration of the relief period and you will not be liable to pay anything for that period.
Monthly statements will continue to be generated, you will note that the MAD is recorded as zero (0) in these statements. Example: Your statement billing cycle is the 2nd of May 2020. You request for a 3-month Payment Holiday on the 10th of May 2020 and the payment due date is the 22nd of May 2020. Your June and July 2020 statement will record the MAD as zero. In respect of the current month’s statement (May 2020) which has already been generated, the MAD will be manually amended to zero in the system after the statement date. Please note that if you have a Standing Instruction/Direct Debit Authority set up, please cancel the same to avail the benefit of the Payment Holiday during the deferral period. |
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| 2 | What happens to my existing Installment Based Plans running on the credit for which I pay EMI?All your existing instalment facility(ies) will be pre-closed with no pre-closure charges. This will become part of the overall outstanding balance on the card. | |
| 3 | Will there be any interest charges during the Payment Holiday?Yes, interest charges will be applicable basis the below scenarios
If you have been making full payments up to the point of time availing the Payment Holiday: · You will continue to see an interest charge being billed on your monthly statements, however that will be reversed at the end of the Payment Holiday period. This will be done automatically by the Bank. If you have not been making full payments up to the point of time availing the Payment Holiday: · Yes, interest charges will be charged on your total outstanding balances and retail purchases for the duration of the Payment Holiday at the applicable interest rates. · You will see the interest charge being billed on your monthly statements. All the interest charges billed during the relief period will be converted into a 6-month instalment plan with zero charges and zero interest fee to ensure there is no immediate burden to pay the interest charges. |
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| 4 | Am I eligible if I am not a UAE Resident?The Payment Holiday is only available for UAE Residents. | |
| 5 | Is there any restriction on the loan/finance amount?There is no restriction on the loan/finance amount. | |
| 6 | What if I have a Saadiq Murabaha card?The Payment Holiday plan will apply in the same way as it does for conventional cards. | |
| 7 | How much do I have to pay each month?No Payment needs to be made during the duration of the relief period | |
| 8 | Will the Payment Holiday impact my Credit Bureau Record?The Payment Holiday will not impact your Al Etihad Credit Bureau Record. | |
| 9 | What happens at the end of the relief period?At the end of the relief period, the total outstanding will be posted on the statement. In case you are not able to pay the total outstanding, you can continue to pay MAD or call the call centre to convert the outstanding into a payment plan at the applicable interest rates.
Please note you may re-convert the outstanding balance into instalment plan at the applicable interest rate at the end of the relief period which may vary from the previous rate at which the instalment plan was set up prior to the relief plan |
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| 10 | What happens if have taken a Balance Transfer or Smart Payment Plan Facility on my credit card?Existing Balance Transfer or Smart Payment Plan facilities availed on the card will continue without any changes. If the promo interest period for Balance Transfer or Smart Payment Plan plans expires during the duration of the Payment Holiday, interest will be accrued and charged as per facility availed. There will be no relief in respect of the interest charged for availing these facilities for all the clients. |
Eligibility criteria (UAE Residents Only):
| Client Circumstances | Loan/Finance Status | |
| Temporary Financial Stress a. Temporary Income Reduction b. Unpaid Leave c. Permanent Income Reduction < 50% |
No Overdue Payments | Eligible |
| With Overdue Payments | Not Eligible |
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If you are impacted by COVID-19, you can send an email to covid.19relief@sc.com with your details and supporting documents, and we will review your request.
| Salaried | Bank Statement to validate income reduction (minimum 6-month statements) |
| Letter from the employer clearly stating the impact of COVID-19 as the reason of unpaid leave | |
| Bureau Consent Form | |
| Proof of valid UAE Residency: copy of valid Emirates ID | |
| Self Employed | Trade License |
| Bank Statement (minimum 6-month statements) or Financial Statements to validate income reduction | |
| Bureau Consent Form | |
| Proof of valid UAE Residency: copy of valid Emirates ID |
Existing Mortgages, Personal Loans, Auto Loans and some concessions for Credit Card customers.
You can write to us at covid.19relief@sc.com and we will be glad to help.