New lending rules that cap personal loans and banking fees will take a toll on banks operating in the UAE, the head of HSBC in the country said.
The Gulf state’s central bank moved in February to cap person loans at 20 times a borrower’s monthly salary and said repayment periods can’t exceed 48 months.
Monthly installments for all loans, including personal, car, housing loans and credit cards, must not exceed 50 percent of a customer’s gross salary and any regular income, the central bank said.
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