Mashreq Bank Personal Loan for UAE Nationals
Need some extra cash for home renovation, child’s education, or to start a new business? No matter what is the need of an individual, Mashreq Bank personal loan is indeed a great choice. The bank offers personal loan for UAE nationals at attractive interest rates to provide them financial assistance in times of need.
Features & Benefits of Mashreq Bank Personal Loan for UAE Nationals
Given below are the key features & benefits of the Mashreq Bank Personal Loan for UAE Nationals:
- High Loan Amount: The borrower can avail a loan amount of a maximum of 20 salary multiples, up to 3 Million AED.
- Interest Rate: Mashreq bank offers personal loan for UAE Nationals at competitive interest rate so that the borrower can easily make the loan repayment.
- Comfortable Repayment Option: The borrower can enjoy a flexible tenor period of a maximum of 4 years (except for employees of ‘Ministry of Defense’ where a maximum tenor period is up to 60 months).
- Simplified Process: Easy process & minimal documentation is required to avail a Mashreq Bank Personal Loan for UAE Nationals.
- Top-up Facility: Existing loan borrowers can enjoy the facility of loan top-up.
- Bank Account: Zero balance ‘Current Account’ for personal loans greater than or equivalent to 25,000 AED along with a cheque book & debit card.
- Deferment Option: The borrower can postpone 2 loan installments in a calendar year.
Eligibility & Documents Required
|Minimum Monthly Income||10,000 AED|
*Note: The loan installment, as well as other monthly installments should not exceed fifty percent of the monthly income.
|Proof of Identity/Address||Copy of Emirates ID & Passport|
Interest Rate Charged on Mashreq Bank Personal Loan for UAE Nationals
The Mashreq Bank personal loan interest rate for Emirati is from 5.99% to 12.99%.
Frequently Asked Questions
Q.1. What are the upfront charges associated with the Mashreq Bank Personal Loan?
Ans: Upfront charges associated with the Mashreq Bank Personal Loan are insurance fee & processing fees.
Q.2. Is loan installment deferment facility available with Mashreq Bank Personal Loan for Emirati?
Ans: Yes, you can postpone your loan repayment installments two times in a year.
Q.3. How can apply for Mashreq Bank Personal Loan for Emirati?
Ans: You can easily apply for the Mashreq personal loan by calling the bank, visiting the nearest bank branch, applying online or through SMS.
Q.4. What is the minimum & maximum repayment period for a Mashreq Bank Personal Loan for Emirati?
Ans: The minimum repayment period for a Mashreq personal loan is 6 months and the maximum repayment period is 48 months.
Q.5. How is my EMI (Equated Monthly Installments) calculated for the Mashreq Bank personal loan?
Ans: EMI is calculated based on the total loan amount, the annual interest rate, 1st due date & the loan tenor.
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