Mashreq Bank Personal Loan for Expats

Overview

Mashreq Bank offers the most convenient personal loan for expats in order to meet planned as well as unexpected cash requirements of salaried expats working in the UAE. Offered at a competitive interest rate, Mashreq Bank personal loan comes with a flexible repayment option and low processing fee. In addition to this, the bank promises to provide a personal loan within just 24 hours keeping the value of time in mind.

Features & Benefits of Mashreq Bank Personal Loan for Expats

Following are some of the key features & benefits offered by Mashreq Bank Personal Loan for Expats:

  • High Loan Amount: The borrower can avail a loan amount of a maximum of 1 Million AED.
  • Loan Disbursal: The loan amount will get disbursed in your bank account within just 24 hours.
  • Interest Rate: The bank offers personal loan at competitive interest rate so that the borrower can make the repayment with ease.
  • Flexible Repayment Option: The borrower can enjoy a flexible tenor period of a maximum of 48 months.
  • Bank Account: Zero balance ‘Current Account’ for personal loans greater than or equivalent to 25,000 AED along with a debit card & cheque book.
  • Deferment Option: The borrower can postpone up to two loan installments in a year.

Eligibility & Documents Required for Mashreq Bank Personal Loan for Expats

Eligibility

Minimum Monthly Income

  • 7000 AED for Approved Companies.
  • 10,000 AED for Unapproved Companies.

Other Requirement

  • Min. 6 months length of service or Confirmed with the current employer.
  • Applicant’s employer must be on the approved list of Mashreq Bank.

Documents Required

Proof of Identity/Address

  • Passport Copy with a Valid Resident Visa

Other Documents

  • Bank Statements with Salary Credits of the last 3 months
  • Salary Transfer letter or Salary Certificate for Government/ Semi-Government

Interest Rate Charged on Mashreq Bank Personal Loan for Expats

The Mashreq Bank personal loan interest rate for expatriates is from 6.49% to 31.99%.

Frequently Asked Questions

Q.1.  Is salary transfer to Mashreq Bank mandatory to avail a personal loan?

Ans: Yes, it is mandatory to transfer your salary to Mashreq Bank in order to avail a personal loan for expats.

Q.2.  Do I need to provide security against Mashreq Bank personal loan?

Ans:  No, you are not required to keep any assets as a security against a personal loan.

Q.3. How much loan amount can I avail?

Ans:  You can avail a loan amount of a maximum of 20 Salary multiples, up to 1 million AED.

Q.4. What is the minimum & maximum repayment period for a Mashreq personal loan for expats?

Ans:  The minimum tenor period for a personal loan is six months and the maximum tenor period is forty-eight months.

Q.5. Can I avail loan installment deferment option?

Ans:  Yes, you can avail two loan installment deferments every year.