Mashreq Bank Personal Loan for UAE Nationals

Overview

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:

  1. High Loan Amount: The borrower can avail a loan amount of a maximum of 20 salary multiples, up to 3 Million AED.
  2. Interest Rate: Mashreq bank offers personal loan for UAE Nationals at competitive interest rate so that the borrower can easily make the loan repayment.
  3. 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).
  4. Simplified Process: Easy process & minimal documentation is required to avail a Mashreq Bank Personal Loan for UAE Nationals.
  5. Top-up Facility: Existing loan borrowers can enjoy the facility of loan top-up.
  6. Bank Account: Zero balance ‘Current Account’ for personal loans greater than or equivalent to 25,000 AED along with a cheque book & debit card.
  7. Deferment Option: The borrower can postpone 2 loan installments in a calendar year.

Eligibility & Documents Required

Eligibility

Minimum Monthly Income 10,000 AED
Other Requirements
  • Salary should be transferred to ‘Mashreq Bank’.
  • Applicant’s employer must be on the approved list of Mashreq Bank.

*Note: The loan installment, as well as other monthly installments should not exceed fifty  percent of the monthly income.

Documents Required

Proof of Identity/Address  Copy of Emirates ID & Passport
Other Documents
  • Bank Statements of the last 3 months
  • Salary Transfer letter
  • Family Book Copy
  • Personal Loan Application form (provided by Mashreq)

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.