UAE with helping hand to those affected by rain; interest-free loans of up to six crores

DUBAI: UAE recently witnessed the heaviest rainfall in the last 75 years. Heavy damage has been reported in the country, which has entered a flood-like situation. Although the official figure has not been released, the country has lost billions of rupees. Luxury vehicles were also destroyed in the flood.

Now the UAE administration has come with relief after the damage caused by the rain. Interest-free loans have been granted to some rain-ravaged small and medium enterprises in the UAE. The announcement was made on Saturday. The new scheme was announced by the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development. It is reported that only Emirati citizens will get the interest-free loan.

The recent rains in the UAE have adversely affected many businessmen. The loan scheme was announced to support efforts to stabilize these businesses. Earlier it was announced that local banks would provide concession on personal loan instalments for residents affected by heavy rains. The new loan scheme was announced after this.

Eligible companies can get a loan of up to AED 300,000 (Rs 6,81,22,988) with a grace period of six to twelve months. This amount is to be spent on repairing or replacing the damage necessary for the smooth functioning of the respective businesses. Affected Dubai small business owners can apply through the Mohammed bin Rashid Fund website along with the required documents.

UAE recently experienced heavy rains and floods. Hundreds of people were trapped in airports, malls, metro stations and vehicles following the floods. There was no electricity or drinking water. Residential complexes and institutions were flooded. Residents are slowly recovering from the misery caused by the rains.