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 kippreport
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?