Mashreq Bank Personal Loan for UAE Nationals

Mashreq Bank personal loan is indeed a great choice when it comes to personal loans in the UAE The bank offers personal loan for UAE nationals at reducing interest rates starting from 5.99% along with flexible repayment tenor up to 48 months to provide them financial assistance in times of need. 

Features & Benefits of Mashreq Bank Personal Loan for UAE Nationals 

Feature Availability

Salary Transfer

Required

Early settlement

Yes 1% of settlement amount

Cashback

No

Free Credit Card

Yes

Free Personalized Cheque Book

Yes

Free Insurance

Yes

Introductory Offers

No

Phone Banking

Yes

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

Eligibility 

Particulars Descriptions

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

Particulars Descriptions

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.

 

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