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HSBC UAE Lowers Salary Floor for Consumer Loans
DUBAI - HSBC Holdings Plc cut the minimum monthly salary required for personal and auto loans in the UAE by half to Dh10,000 ($2,720), in a possible sign credit is easing in the second-biggest Arab economy.
HSBC Bank Middle East Ltd., the regional unit of Europe’s biggest bank, raised the minimum salary for personal and auto loans to Dh20,000 in November after the global credit crisis hurt the UAE economy and forced some employers to cut jobs. Last month, HSBC raised the ceiling on home loans it offered to 75 per cent of a property’s value from 60 per cent.
Personal loans are available from Dh50,000 to Dh250,000, HSBC said in an e-mailed statement from. Auto loans can be taken for a maximum of 60 months, it said.
“You shouldn’t read this as HSBC seeing the economic environment improving,” Venkatesh Srikantan, regional head of assets and liabilities at HSBC Bank Middle East, said in a phone interview today. HSBC will “screen customers carefully” and ensure that it continues “lending to those who represent good quality credit.” HSBC and Lloyds TSB Bank Plc were among banks in the UAE that increased minimum salary requirements for loans as hundreds of workers were laid off across the UAE.
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