Banks OAE are announcing the 53rd anniversary of Unity Day, which falls on December 2, with offers including a 1% reduction in rates on new consumer loans, as well as the purchase of existing debts of clients. Banks exempt citizens from transaction and insurance fees, while foreigners are only exempt from insurance fees.
According to bank employees, those who prefer to remain unknown focus their actions on new consumer loans and the purchase of existing debts at a fixed rate starting from 3.99%, which is the lowest rate on consumer loans since 2020. This benefit is available to both citizens and foreigners.
Employees pointed out that the offered reduction is about 1% from the current rate, and it also provides three months of payment deferral before the first payment is due. The offers will be valid until the end of the current year and are available for consumer loans in the amount of up to 20 times the client's monthly income.
Banking expert Auafath al-Harmudi noted that 'Unity Day is one of the best events when banks make their promotional offers, whether it's reduced profits for various operations or products under the slogan of the anniversary.' She added that last year some banks offered a 52-day payment deferral in honor of the 52nd anniversary of Unity Day.
Harmudi emphasized that banks choose one of their products in accordance with the greatest demand from clients and propose preferential conditions for it, whether it’s consumer credit, auto credit, credit cards, or payment deferrals, reflecting the national sentiment of banks in such cases.
She also added: 'Banks are not alone in offering promotional proposals in honor of Unity Day; most organizations and official institutions, from shops and restaurants to government institutions, strive to make this holiday special, with full discounts and benefits, and this has already become a tradition.'
