National Loan Scheme (NLS)

The National Loans Scheme was announced by the Central Bank of the UAE in March 2019. The NLS is designed as a solution to assist UAE National customers who have a debt burden ratio (“DBR”) exceeding 50% and a tenor exceeding 4 years.

The NLS is based around current finances (excluding Home Finance and Finance against margin) being combined and restructured by reducing the profit rate (applying 3-month EIBOR).

Al Wifaq Finance confirms its participation in and support of the NLS, and will receive finance applications from our UAE National customers who meet the NLS criteria, as outlined by the Central Bank.

We will contact our eligible customer by phone, SMS and email during the availability period. Eligible customers can also contact us directly to enroll under the NLS.

NLS benefits:

  • Consolidate your existing facilities with Al Wifaq Finance under one finance.
  • Reduce your rate of interest to 3 months EIBOR.
  • Reduce your Debt Burden ratio (DBR) to 50% .

Qualifying criteria for NLS:

  • Customer must be a UAE national.
  • Applicable to finance granted before May 2011.
  • DBR exceeding 50%, or 30% for pensioners.
  • Existing loan residual tenor exceeding 48 months (60 months for GHQ employees).

NLS mandatory provisions

  • Draw-down finance incase of additional income, e.g., Bonus.
  • Automatic Increase in EMI in the event of Increase in Income in line with NLS regulations.
  • Irrevocable salary assignment from existing / future employers until full settlement of the NLS loan.
  • Assignment of unencumbered rental income to Al Wifaq Finance.
  • No EMI deferments or payment holiday to be requested during the entire NLS loan tenor.
  • No further borrowings with any banks / financial institutions in the UAE during the tenor of the NLS loan or the repayment period.
  • Proof of income as and when required by the bank during the NLS loan tenor.
  • The structured finance status in Al Etihad Credit Bureau will be reported under the NLS, which will not allow the customer to apply for any new borrowing from Al Wifaq Finance or any other bank/financial institution until the NLS is fully settled and closed.

Required documents:

  • Personal Loan Application Form
  • Emirates ID
  • Latest Income document
  • Undertaking and Declaration Form
  • Consent Form
Terms and Conditions:
Al Wifaq Finance Loans will be made available at the sole discretion of Al Wifaq Finance, subject to Al Wifaq Finance's terms and conditions and upon submission of documentation acceptable to Al Wifaq Finance.
* EIBOR is the UAE Dirham Interbank offered rate for UAE Dirhams as determined by Al Wifaq Finance from time to time for the relevant payment period.
Al Wifaq Finance Terms and Conditions apply, which are subject to change without prior notice and are available on Al Wifaq Finance website alwifaq.ae.