Personal Loan upto 8 times your salary
Personal Loan up to 8 times your Salary
Mashreq Bank personal loans are one of the many excellent financial services the bank has been providing since its inception in 1967. The Mashreq Bank Personal Loan interest rate ranges from 5.99% to 31.99% also an attractive feature of Mashreq personal loan is that the loan amount can be repaid up to a tenor of 48 months.
Mashreq personal loan is one of the most preferred financial solutions that offer loans up to a maximum of AED 3 million for UAE nationals and AED 1 million for the expats.
In order to find the Mashreq Bank personal loan interest rates and other related information, kindly consider the below table:
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 |
*Interest rates are subject to change any time.
Mashreq Bank personal loan interest rate calculator will help you to check your monthly EMI to repay the loan amount.
Category |
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 |
The Mashreq personal loan offers an exciting range of features and benefits, which make it one of the most rewarding loans in the UAE.
The first thing applicants may notice about the Mashreq Bank personal loan is its large maximum loan amount. While the expatriates can take a maximum loan amount of AED 1 million, Emiratis can borrow up to an impressive amount of AED 3 million.
Applicants are not required to submit any form of collateral (such as a security deposit) to apply for a Mashreq bank loan. Customers may access the large Mashreq personal loan amount in a completely unsecured manner.
Interested applicants can apply for a Mashreq bank loan for any tenor between 6 months to 48 months. Furthermore, applicants who are employed at the Ministry of Defense may avail of these loans for a maximum tenor of 60 months.
The bank promises its applicants a simple Mashreq bank loan application process and extremely quick processing of the same. In fact, Mashreq Bank personal loan is typically disbursed within 24 hours of the application’s approval.
On making a certain number of loan payments, loan holders become eligible for a top-up Mashreq personal finance. Top-up loans are offered over the existing loan and for long tenors, bigger loan amounts and competitive Mashreq Bank personal loan interest rates.
Customers are given up to 3 months of grace period to pay the installment. The first installment for a loan availed from Mashreq Bank can be made at any time during these 90 days.
Also, Mashreq Bank loan holders are offered a maximum of 2 loan deferment options in every calendar year. A loan deferment allows customers to postpone their Mashreq personal loan payment for the given month. Kindly note that Mashreq Bank personal loan deferments are subject to Mashreq’s approval.
The loan holder for AED 25,000 or more receives the following additional benefits:
The Mashreq Bank personal loan requirements are as follows:
Mashreq Bank personal loan applicants must be employed with any of the Mashreq Bank approved employers. Loan applicants belonging to non listed companies by Mashreq bank may be rejected or have to meet higher minimum salary requirements as per the bank’s judgment. It may also require the applicant to have at least 6 months of work experience.
The Mashreq Bank personal loan minimum salary requirement can be explained in the following way:
Mashreq mandates that the sum total of an applicant’s monthly obligations, including the personal loan installment and any other active loan installments, does not exceed more than half of the applicant’s monthly income.
In addition to the above-mentioned Mashreq Bank personal loan eligibility parameters, applicants may also be required to meet age criteria.
Q.1. Can we apply for Mashreq Bank personal loan without salary transfer?
Ans: No, applicants cannot avail of a personal loan without a salary transfer. Applicants will also be required to submit a salary transfer letter, which can be obtained from their employer.
Q.2. How can I calculate my Mashreq personal loan EMI?
Ans: While there is no specific Mashreq Bank Personal Loan calculator, applicants can use any Generic online personal loan calculator to estimate their monthly obligation. Mashreq's personal loan Calculations for EMI are done based on the total approved loan amount, the tenor of the loan and the applicable Mashreq Bank personal loan interest rates.
Q.3. How does the top-up Mashreq Bank loan work?
Ans: A top-up loan is offered to existing loan holders only. It extends the total borrowed amount and tenor of the existing Mashreq loan. Top-up loans can be availed by customers that maintain on-time payments and have already paid a certain number of installments as determined by the bank.
Q.4. Can applicants with less than 6 months of work experience qualify for a Mashreq personal loan?
Ans: There are separate terms for expatriates and for newly employed applicants when it comes to availing loan from the bank. These allow applicants with less than 6 months of work experience to apply for a loan.
Q.5. What fees will I be charged in order to avail of a Mashreq personal finance?
Ans: You will have to bear processing fees and insurance fees to avail of a Mashreq personal finance. Fortunately, these are minimal charges that range between 1% and 1.5% of the total Mashreq personal loan amount.
Q.6. What is the minimum salary requirement to apply for personal finance from Mashreq Bank? Ans: Mashreq personal loan minimum salary requirement is:
Q.7. Why is Mashreq personal loan calculator important?
Ans: Mashreq Loan calculator is helpful in estimating an EMI amount to be paid against a loan. It calculates the EMI based on the information provided by the loan seeker.