How the loan cycle works
• A security
cheque is taken by the bank as a guarantee for the loans and credit
The amount on the security cheque is equivalent
to loan amount plus 20 percent of the principal.
In the case of credit cards, the amount on the
security cheque the card limit plus 20 percent.
When a default is recorded, first the customer is
contacted and the legal implications are explained.
When unable to contact the customer, references
given in the loan application document are contacted.
In most cases banks wait up to three successive
non-payment of installments or credit card minimum payment outstanding
before security cheque is presented to encash the outstanding.
When the security cheque bounce, the bank files a
criminal case against the customer with the police.
After filling the criminal case, police
departments intimate residency departments which will stop renewing
residency visa of the defaulter, dependents and employees.
Will I be arrested at airport over unpaid
bank loan? Q: I am a UAE resident working in a company. There is a police
case filed against me by a bank due to an unpaid loan and credit card.
I have been out of the country for more than two months. Now, I want
to return to the UAE and reach a settlement with the bank. What are my
options once I arrive in Dubai?
A: If the questioner comes back to the UAE, he will be arrested
at the airport as the system will flag his name in connection with the
case filed against him. The questioner will be presented to the police
station at Dubai Airport and his statement will be recorded. The
questioner can then ask the police station to release him on bail
after keeping his passport as guarantee. Accordingly, he will be
directed to approach the Public Prosecution to settle the matter or
refer the case to a competent court in case of non-settlement.(GN)
Once the payment is settled, bank has to submit a clearance letter to
police department and police will intimate residency department. Then
only the person’s name will be cleared from blacklist.
Q: I was working in Dubai, for more than six years. Four
months ago I went back home on vacation and didn’t return to the UAE
due to my father’s illness and also my financial problem. I have a
bank credit card and I didn’t pay it to the bank. Now I am unemployed
and unable to pay it.
After a month my company called me to come back but I didn’t go due to
family and financial problems. My company told me they were going to
cancel my visa. My visa also expired on September 2012.
I came to know that the bank filed a police and Interpol case against
me and my name is blacklisted and I can’t go back to Dubai or any
other Gulf country.
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