The Mashreq Bank Personal Loan ability to be repaid over a 48-month period is another appealing aspect. One of the many top-notch financial services offered by Mashreq Bank since its founding in 1967 is personal loans. The interest rates for personal loans from Mashreq Bank range from 5.99 percent to 31.99 percent.
One of the most popular financial products is the Mashreq personal loan, which provides loans up to a maximum of AED 3 million for UAE citizens and AED 1 million for expatriates.
Mashreq Bank Personal Loan Interest Rates Information
Please have a look at the following table for information on Mashreq Bank personal loan interest rates and other relevant details:
|
Mashreq Personal Loan Interest Rates |
||||
|
Category |
Max. Loan Amount |
Repayment Tenor |
Interest Rate |
Type of Interest |
|
Mashreq Personal Loan for UAE Nationals |
AED 3 Million |
Up to 48 months |
5.99% – 12.99% |
Reducing |
|
Mashreq Personal Loan for Expatriates |
AED 1 Million |
Up to 48 months |
6.49% – 31.99% |
Reducing |
Your monthly EMI to pay back the loan amount can be calculated with the help of the Mashreq Bank personal loan interest rate calculator.
Features of the Personal Loan From the Bank
|
Features |
Mashreq personal loan (UAE nationals) |
Mashreq personal loan (For Expatriates ) |
|
Salary Transfer |
Yes |
Yes |
|
Early Settlement |
Yes, 1% of the settlement amount |
Yes, 1% of the settlement amount |
|
Cashback |
No |
No |
|
Free Credit Card |
Yes |
Yes |
|
Free Personalized Cheque Book |
Yes |
Yes |
|
Free Insurance |
Yes |
Yes |
|
Introductory Offers |
No |
No |
|
Phone Banking |
Yes |
Yes |
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What is the repayment period for Mashreq personal loans
The repayment period for Mashreq Personal Loans varies depending on the borrower’s profile and the loan amount. For Bahraini citizens, the maximum repayment term is up to 84 months, while for expatriates, it is up to 60 months.
For UAE expatriates, the minimum repayment period is 6 months, and the maximum is 48 months. In Qatar, the repayment period for expatriates is up to 4 years
Why Should I Apply for Mashreq Loan
Loan Amount – Borrowers may notice the Mashreq Bank personal loan’s high maximum loan amount right away. The maximum loan amount available to ex-pats is AED 1 million, whilst the maximum loan amount available to Emiratis is an amazing AED 3 million.
No Collateral – To apply for a Mashreq bank loan, applicants are not required to submit any kind of collateral, including a security deposit. Customers have entirely unsecured access to the huge Mashreq personal loan sum.
Tenor – Interested parties may apply for a Mashreq bank loan with a tenor of any length between six and forty-eight months. Additionally, applicants who work for the Ministry of Defense may apply for loans with a maximum 60-month term.
Quick Processing – The bank guarantees that the application procedure for Mashreq bank loans will be straightforward and that the application will be processed quickly. Mashreq Bank personal loans are actually frequently disbursed 24 hours after the application is approved.
Top-Up Loans – Loan holders become qualified for a top-up Mashreq personal loan after paying a specified amount of loan installments. Top-up loans are provided in addition to the current loan and come with longer terms, larger loan amounts, and attractive interest rates from Mashreq Bank.
Customers have up to three months to pay the amount within the grace period. Anytime within these 90 days is a good moment to pay the first installment on a loan taken out from Mashreq Bank.
Loan deferment possibilities are also limited to two per calendar year for Mashreq Bank loan borrowers. Customers can delay their Mashreq personal loan payment for the specified month by requesting a loan deferment. Please be aware that deferments of personal loans from Mashreq Bank are subject to Mashreq’s approval.
Other Benefits of a Personal Loan from Mashreq Bank
The following extra benefits are given to the loan borrower for loans for AED 25,000 or more:
- Current account with no balance
- Cashier’s check debit card
- Access to financial services via mobile and online
- Broad access to ATMs
Eligibility Requirements for Personal Loans from Mashreq Bank
The following are the prerequisites for a personal loan from Mashreq Bank:
Licensed Employer
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Applicants for a Mashreq Bank personal loan must work for one of the organizations that the bank has approved. According to the bank’s discretion, loan applications from non-listed companies may be denied or required to earn more than the minimum wage. The applicant may additionally need to have at least six months of work experience.
Lowest Salary
The following explanation explains the minimum salary criteria for personal loans from Mashreq Bank:
For ex-pats working for employers who have been approved, the minimum salary needed from Mashreq Bank is AED 7,000 per month, while it is AED 10,000 for those working for employers who have not been approved. Mashreq Bank’s minimum wage requirement for Emirati borrowers is AED 10,000.
Total Liabilities
The entirety of an applicant’s monthly liabilities, including the installment for the personal loan as well as any other active loan installments, cannot, according to Mashreq, be greater than 50% of the applicant’s monthly income.
In addition to the requirements listed above, applicants may additionally need to meet age requirements for Mashreq Bank personal loans.
Documentation Requirements for UAE Loan Applicants
- Properly completed personal loan application form from the Along with the previously stated documents, this can be filed online.
- UAE residency visa Emirates ID Passport (for Expats only)
- Letter of Salary Transfer (issued by the employer of the applicant)
- Current three-month bank statement
- Family history of the applicant (for Emiratis only)
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FAQs On Mashreq Bank Personal Loan
Q: Can we apply for Mashreq Bank personal loan without salary transfer?
ANS: No, candidates cannot apply for a personal loan without a salary transfer. A pay transfer letter, which applicants can receive from their workplace, will also need to be submitted.
Q: What is the minimum salary Requirement to apply for personal finance from Mashreq Bank
ANS: Mashreq personal loan minimum salary requirement is:
- For Emiratis: AED 10,000
- For Expats: AED 7,000
- Expats with unapproved employer: AED 10,000
Q: Importance of personal loan Calculator
ANS: The Mashreq Loan Calculator is useful for calculating the EMI due on a loan. Based on the information supplied by the loan applicant, the EMI is calculated.
Conclusion
You can now understand and make an informed decision about whether the Mashreq Bank loan is worth giving a try. visit their website and check the requirements and make sure you use the calculator to check the interest rate before you apply for the loan either as an expatriate or an indigen of UAE.