Mashreq Bank Personal Loan
Mashreq Bank personal loans are one of the many excellent financial services the bank has provided since its inception in 1967. As one of the oldest financial institutions in the UAE, Mashreq Bank boasts of a total asset base that is worth well over AED 84 billion. With offices in nine countries across the globe including Egypt, Bahrain, Kuwait, Europe and more, Mashreq’s reach also extends internationally.
The Mashreq Bank personal loan is split into two broad categories, offering financial solutions for Emiratis and for expatriates. The Mashreq Bank personal loan interest rate is extremely competitive and offered on the borrowed loan’s reducing balance amount. In addition to surprisingly low interest rates, the Mashreq Bank personal loan also offers a substantial maximum loan amount.
Features & Benefits of the Mashreq Bank Personal Loan
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 Mashreq personal loan for expatriates entitles the loan holder to a maximum loan amount of AED 1 million, the Mashreq Bank personal loans for Emiratis can range up to an impressive AED 3 million.
Applicants are not required to submit any form of collateral (such as a security deposit) to apply for a Mashreq Bank personal loan. Customers may access the large Mashreq personal loan amount in a completely unsecured manner.
Interested applicants can apply for a Mashreq Bank personal loan for any tenor between 6 months to 48 months. Furthermore, Mashreq personal loan applicants who are employed at the Ministry of Defense may avail of these loans for a maximum tenor of 60 months.
Mashreq Bank promises its applicants a simple Mashreq personal loan application process and extremely quick processing of the same. In fact, Mashreq Bank personal loans are typically disbursed within 24 hours of the application’s approval.
On making a certain number of payments for a Mashreq Bank personal loan, loan holders become eligible for a top-up Mashreq personal loan. Top-up loans are offered over the existing loan and offer bigger tenors, loan amounts and competitive Mashreq Bank personal loan interest rates.
Customers are given up to 3 months of grace period from the Mashreq Bank personal loan disbursal date. The first instalment payment for a Mashreq personal loan can be made at any time during these 90 days.
Also offered to Mashreq Bank personal loan holders are 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.
Customers that avail of a Mashreq Bank personal loan for AED 25,000 or more receive the following additional benefits:
- A zero-balance Mashreq Bank current account.
- A Mashreq Bank cheque book.
- A Mashreq Bank debit card.
Mashreq Bank Personal Loan Eligibility & Required Documents
The Mashreq Bank personal loan eligibility restrictions are as follows
Mashreq Bank personal loan applicants must be employed with any of the Mashreq Bank approved employers. Applicants belonging to unapproved employers may be rejected or have to meet higher minimum salary requirements as per the bank’s judgment. Mashreq personal loans 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:
- 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 monthly.
- The Mashreq Bank personal loan minimum salary required for Emiratis is AED 10,000.
Mashreq mandates that the sum total of an applicant’s monthly obligations, including the Mashreq Bank personal loan instalment and any other active loan instalments, 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. The documents required for a Mashreq personal loan are:
- A filled Mashreq Bank personal loan application form. This can be submitted online, along with all of the mentioned documents.
- Emirates ID.
- UAE residence visa (for Expats only).
- Salary Transfer Letter (issued by the Mashreq Bank personal loan applicant’s employer).
- Latest 3 months of the applicant’s bank statement.
- The applicant’s family book (for Emiratis only).
Mashreq Bank Personal Loan Interest Rates
The Mashreq Bank personal loan interest rates and other associated details can be found in the table below:
|Mashreq Bank Personal Loan|
|Category||Max. Loan Amount||Tenor||Interest Rate||Type of Interest|
|For UAE Nationals||AED 3 Million||6 months - 48 months||5.99% - 12.99%||Reducing|
|For Expatriates||AED 1 Million||6 months - 48 months||6.49% - 31.99%||Reducing|
(Updated on May 2019)
Q.1. Is the salary transfer mandatory?
Ans: Yes, applicants cannot avail of a Mashreq Bank 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 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 personal loan work?
Ans: A top-up Mashreq Bank personal loan is offered to existing loan holders only. It extends the total borrowed amount and tenor of the existing Mashreq personal loan. Top-up Mashreq Bank personal loans can be availed by customers that maintain on-time payments and have already paid a certain number of instalments 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 categories of Mashreq Bank personal loans for new arrivals to the UAE and for newly employed applicants. These allow applicants with less than 6 months of work experience to apply for a Mashreq personal loan.
Q.5. What fees will I be charged in order to avail of a Mashreq Bank personal loan?
Ans: Applicants will have to bear processing fees and insurance fees to avail of a Mashreq Bank personal loan. Fortunately, these are minimal charges that range between 1% and 1.5% of the total Mashreq personal loan amount.
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