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Mashreq Bank Personal Loan

Mashreq Bank personal loans are one of the many excellent financial services the bank has been providing 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. Mashreq personal loan is one of the most preferred financial solution that offers loans up to a maximum of AED 3 million for UAE nationals and AED 1 million for the expats. The personal loan interest rate ranging from 5.99% to 31.99% also an attractive feature of Mashreq personal loan, which can be repaid up to a tenor of 48 months.

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 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.

Loan Amount

The first thing applicants may notice about the Mashreq Bank personal finance is its large maximum loan amount. While the Mashreq personal loan for expatriates offers 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 consumer loan. Customers may access the large Mashreq personal loan amount in a completely unsecured manner.

Tenor

Interested applicants can apply for a 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 loan application process and extremely quick processing of the same. In fact, Mashreq Bank personal finance 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 instalment.  The first instalment 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:

  1. Zero-balance current account
  2. Cheque book
  3. Debit card
  4. Access to online & mobile banking services
  5. Access to wide ATMs

Mashreq Bank Personal Loan Eligibility Criteria

The Mashreq Bank personal loan eligibility criteria are as follows:

Approved Employer

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. 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:

  1. 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
  2. The Mashreq Bank personal loan minimum salary required for Emiratis is AED 10,000.

Total Obligations

Mashreq mandates that the sum total of an applicant’s monthly obligations, including the 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.

Mashreq Bank Personal Loan Document Requirements:

  1. Personal loan application form duly filled by the applicant. This can be submitted online, along with all of the mentioned documents
  2. Emirates ID
  3. Passport
  4. UAE residence visa (for Expats only)
  5. Salary Transfer Letter (issued by the employer of the applicant)
  6. Latest 3 months bank statement
  7. The applicant’s family book (for Emiratis only)

FAQs

Q.1.  Can we apply for Mashreq Bank personal loan without salary transfer?

Ans: No, applicants cannot avail of a 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 EMI 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 finance 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 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 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 finance 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: 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.

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