HSBC Personal Loan v/s Mashreq Bank Personal Loan

HSBC Personal Loan v/s Mashreq Bank Personal LoanPolicybazaarAverage Rating / 5 ( reviews)
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HSBC personal loan can be obtained for a minimum time period of 12 months and up to 48 months. The Emiratis can borrow a maximum amount of AED 1,000,000 whereas the expats get a maximum amount of AED 750,000. It comes with a low rate of interest and flexible repayment duration.

On the other hand, Mashreq bank personal loan is amongst the leading financial solutions in the UAE that offers loan amounts of up to AED three million for Emiratis and AED one million for expats. It also offers flexible repayment tenure and low rates of interest.

An Overview on HSBC Personal Loan and Mashreq Bank Personal Loan

The table below shows the basic features of these loans.

 

HSBC Personal Loan

Mashreq Bank Personal Loan

Reducing Rates of Interest

From 7.49%

5.99-12.99% (for UAE Nationals)

6.49-31.99% (for expats)

Maximum Loan Amount

AED 1,000,000 (for UAE Nationals) and AED 750,000 (for expats)

AED 3 million (for UAE Nationals) and AED 1 million (for expats)

Repayment Tenure

12 to 48 months

6 to 48 months

Salary Transfer

Not Mandatory

Mandatory

(The rates of interest may vary with time)

Features & Benefits of HSBC Personal Loan

Listed below are some features and benefits of this loan.

1. Renewal

The customers have the option of renewing HSBC personal loan in UAE after 12 months. The renewed loan customers get extra incentives for being a loyal customer of the bank.

2. Quick Approvals

This unsecured loan by HSBC gets approved easily and quickly, generally within minutes. You can apply for this loan both online as well as offline.

3. Loan Amount

HSBC offers high loan amounts to the applicants; however, the maximum loan amount offered to the expats is comparatively lower than the maximum loan amount offered to the UAE Nationals.

4.      Tenure

The bank offers the borrowers flexible repayment tenure for clearing their loan amount, which starts from 12 months to 48 months. The borrowers can repay their loans to the bank within the tenure as decided at the time of the approval of the loan.

5. Top-up Loans

The borrowers can request the bank for a top-up loan based on their current loan. This kind of loan includes longer tenures, larger amounts of loans, and competitive rates of interest. But you must first refer to the terms & conditions of the loan for this.

6. Eligibility

You must be aged between 21 to 65 years and must be earning an income of at least AED 7,500 to be eligible for this HSBC Personal Loan. You will have to share the details of your employer with the bank and should be working with them for at least a few months.

Features & Benefits of Mashreq Bank Personal Loan

Listed below are some features and benefits of this loan.

1. Loan Amount

Mashreq Bank offers high loan amounts to the applicants; however, the maximum loan amount offered to the expats is comparatively lower than the maximum loan amount offered to the UAE Nationals.

2. Quick Approvals

This unsecured loan by Mashreq gets approved easily and quickly, and the loan amount is usually disbursed within 24 hours of the approval. You can apply for this loan both online as well as offline.

3. No Collateral

The applicants do not need to submit any kind of collateral like a security deposit for applying for this loan. Since this is an unsecured loan, the loan amount can be accessed without any collateral security.

4. Top-up Loans

The borrowers can request the bank for a top-up loan based on their current loan. This kind of loan includes longer tenures, larger amounts of loans, and competitive rates of interest. But you must first refer to the terms & conditions of the loan for this.

5. Tenure

The bank offers the borrowers flexible repayment tenure for clearing their loan amount, which starts from 6 months to 48 months. The borrowers can repay their loans to the bank within the tenure decided at the time of the approval of the loan.

6. Deferments

Mashreq Bank Personal Loan also offers up to two loan deferment facilities in a year. Loan deferment lets you postpone your loan payment for the current month. You must note that loan deferments are dependent upon the approval of Mashreq bank.

7. Grace Period

You can enjoy a maximum grace period of 3 months for making payment of the installment. The 1st installment for the loan obtained from this bank can be made anytime within these 90 days.

8. Eligibility

You must be earning an income of at least AED 7,000 (if you are an expat working with an approved employer) and AED 10,000 (if you are an expat working with an unapproved employer or are a UAE National) to be eligible for this Mashreq Bank Personal Loan. You will have to share the details of your employer with the bank and should be working with them for at least 6 months.

9. Other Benefits

The borrowers with a loan amount of AED 25,000 and above can enjoy the following additional benefits.

  • 0 balance current account at Mashreq bank
  • ATM access at various locations
  • Online and phone banking access
  • Cheque book and debit card

Over to You!

Both HSBC and Mashreq bank are leading financial institutions in the UAE, offering amazing personal loan offers to the customers. For selecting one out of the two, you need to check all the features and benefits of both the banks and then select the one that is more suitable for your needs.

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