Debt Management Tools/Guidelines

If you repay outstanding loans and facilities on the due date, it will keep your financial liabilities in order and positively affect your credit score.

Any missed or late payment can negatively impact your credit score. Failure to repay on the due date will be considered a default event. A default in repayment may result in additional penalties and trigger a series of consequences, including a significant drop in your credit score, potential legal action, and enforcement of the security submitted by you etc.

If unforeseen circumstances cause you to fall behind on your credit repayments, it can be challenging to know what steps to take. However, it's important to remember that you are not alone. You can take simple steps and consult professionals to help get your finances back on track.

Therefore, it is important to act promptly and seek immediate assistance before falling behind on repayments. Assessing your financial health and proactively managing your liabilities is highly advisable. Consider reaching out to your creditors to negotiate a suitable repayment plan.

• Make payments on or before the due date.
• Allocate a fixed portion of your monthly income towards debt repayment.
• It is advisable to prepay your liabilities whenever you receive additional funds, such as bonuses or allowances.

If you are unable to keep your payments up to date, we encourage you to contact us as soon as possible, as we may be able to assist you.

Please reach out to us at: retailbanking@bankofbaroda-uae.ae, providing your Customer Information File (CIF) along with the details of your query. One of our Credit Counsellors will contact you using your registered contact information.