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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.
Mashreq Bank Personal Loan Interest Rate
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.
Features & Benefits of the Mashreq Bank Personal Loan
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.
Loan Amount
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.
No Collateral
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.
Tenor
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.
Quick Processing
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.
Top-Up Loans
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.
Grace Period
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.
Deferments
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.
Benefits
The loan holder for AED 25,000 or more receives the following additional benefits:
Zero-balance current account
Cheque book
Debit card
Access to online & mobile banking services
Access to wide ATMs
Mashreq Bank Personal Loan Requirements
The Mashreq Bank personal loan requirements are as follows:
Approved Employer
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.
Minimum Salary
The Mashreq Bank personal loan minimum salary requirement can be explained in the following way:
The Mashreq Bank personal loan minimum salary requirement for expatriates with an approved employer is AED 7,000 monthly and for expatriates with an unapproved employer, it is AED 10,000
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.
Mashreq Bank Personal Loan Document Requirements:
Personal loan application form duly filled by the This can be submitted online, along with all of the mentioned documents
Emirates ID
Passport
UAE residence visa (for Expats only)
Salary Transfer Letter (issued by the employer of the applicant)
Latest 3 months bank statement
The applicant’s family book (for Emiratis only)
FAQs on Mashreq Bank Personal Loan
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:
For Emiratis: AED 10,000
For Expats: AED 7,000
Expats with unapproved employer: AED 10,000
Q.7. Why is Mashreq personal loan calculator important?
Ans: MashreqLoan 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.
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.
