How to Apply for a Personal Loan in Mashreq Bank?

A personal loan gives you the freedom of repairing those cracks pending in your house or purchases those expensive items you have always wanted or arrange extra money for some peculiar expenses without depending on anyone. However, at times, applying for a personal loan in the UAE can be a hassle. For a hassle-free and convenient borrowing experience, you should consider applying for a personal loan at Mashreq Bank.

Applying for Personal Loan in Mashreq Bank

Through its offline and online platforms, you can apply for a personal loan in Mashreq Bank easily.

Offline Method to apply for a personal loan in Mashreq Bank

• Visit the nearest Mashreq bank branch
• Submit the duly filled application form for a personal loan
• Provide relevant documents

The bank will soon verify and sanction the loan and the amount will be transferred to your bank account.

Online Method to apply for a personal loan in Mashreq Bank

If you want to avoid visiting the bank personally, you can visit the bank through your phone or desktop. With an online facility, you can conveniently apply for a personal loan in Mashreq bank following these steps:

• Visit Mashreq webpage
• Find loan on the top of the page
• Select personal loan
• Choose the type of loan
• On the next page, specify the product type you want to choose and the branch you want to use to avail of the facility along with your nationality
• On the next page, enter your details such as Name, contact number, resident type, mobile number, email address, company name, employment type, and monthly salary. Do not forget to mention the best time for the bank to call you
• Click on Apply now
• You will receive a reference number from the bank

The bank will call you in the next few working days to take the process further and grant you the requested loan amount

Alternatively, you can also choose policybazaar.ae to apply for a personal loan in Mashreq Bank.

Why Policybazaar.ae?

There are different types of Personal loans in Mashreq Bank It might be confusing for you to decide which personal loan suits you the best. Policybazaar.ae helps you in making this decision conveniently by selecting the most relevant type of personal loan in Mashreq bank as per your requirements.

How Can You Apply for a Personal Loan on Policybazaar.ae?

• Visit policybazaar.ae
• Select personal loan under financial services options
• Fill the e-form on the left side of your screen
• Click on apply now
• On the next page, the most relevant personal loan product will pop
• Select on Apply
• Enter your details and the bank will call you to complete the process

Types of Personal Loan in Mashreq Bank and their advantages:

Mashreq Bank has three types of Personal Loan products:

• Personal Loans for Expatriates
• Personal Loan Remit
• Debt Consolidation Loan for Expatriates

Benefits of Personal Loans for Expatriates

• Loan up to 20 times your salary
• Approval within 24 hours
• Free Credit Card
• Flexible repayment period

Benefits of Personal Loan Remit

• Zero Processing fee
• No Life insurance charges
• Instant Approval
• Flexible payment options
• Islamic finance option available

Benefits of Debt Consolidation Loan for Expatriates

• Lower Monthly Payments
• Lower interest rates

Fee and charges on Mashreq Bank Personal Loan

	For Emirati	For Expatriate
Processing Fee	1.05% of the loan amount*	1.05% of the loan amount
Life Insurance charges	0.01764% of the outstanding loan amount per month*	0.29% of the loan amount
Postponement Fee	AED 105 for each postponement	AED 105 for each postponement
Late Payment Fee Minimum Maximum	2% of the delayed amount AED 52.50 AED 210	2% of the delayed amount AED 52.50 AED 210
Rate of Interest	6.49% to 31.99%	5.99% to 12.99%

 Please note that 5% VAT will be applicable on the aforementioned fee except the rate of interest as per the guidelines of the UAE government.

*Please check: in the benefits of the insurance it says zero processing fee and life insurance charges but in the fee and schedule section it specifies the amount

Minimum Monthly Salary Requirement

If you are an employee at an approved company, you are required to have a minimum monthly salary of AED 7,000. However, if you are working at an unapproved company, your minimum monthly salary should be AED 10,000 to receive a personal loan from Mashreq Bank.

Am I eligible to get a personal loan from Mashreq Bank?

If you are a UAE National or resident or non-resident aged 21 or above and fulfill the minimum monthly salary requirement, you are eligible to get a personal loan from Mashreq Bank. However, the employer must confirm that you have been working in the company for at least 6 months.

Document Required:

You require the following documents to apply for a personal loan in Mashreq Bank:

• Valid Passport with residence visa
• Valid Emirates ID
• Latest 3 Months Bank Statements with a record of salary credits
• Employer Salary transfer letter as per Mashreq format OR Salary Cert. for Govt./ Semi Govt. employees

Please note that the bank has the authority to demand other or more documents to approve your loan.