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Loan moans

Loan moans

HSBC’s new policy to only issue personal loans to people with at least a Dh20,000 salary does not sound like good news.

November 11, 2008 1:54 by

One of my colleagues is having a major car problem this week. The kind where every part of the car decides to moan and groan and everyday is a nightmare.

Anyway, she is so frustrated that she decided to buy a new car. And then she hears the news that HSBC, the bank which currently houses her hard-earned money has just said that you need to have a minimum salary of Dh20,000 to take out a loan.

I obviously don’t explain her reaction in words.

Such a step from the bank leaves many people in a lurch. What does this mean for people earning AED10,000, or even AED19,000? And will other banks follow suit?

What do you think? Have you been rejected a loan?

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  1. Reuven_P on November 12, 2008 8:57 am

    I was told that the rules had changed just six hours before I went to the bank to apply for a loan! I am now closing all my accounts at HSBC…why should I keep my money with them when they’re not up to fulfilling my requirements?! And its not like they won’t be making money out of giving me a loan!
    A relationship can never be a one way street… I have written to HSBC complaining about this a couple of days ago but haven’t heard back from them yet. I guess I’m not needed as a customer any more, which is sad because I’ve banked with HSBC in the UK and now in the UAE for the past five years.

  2. a merchant on November 12, 2008 9:50 am

    one feels that the employes of the bank are doing favour to customers by attending them.monies of common man is used for running these banks and in the end innocent coomon man who is made to suffer.frauds are not commited by common man.its smart operators game.


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