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Mashreq Bank is one of the leading banks and among the most renowned names in the banking industry in the UAE. Founded in 1967, the bank is also listed on Dubai Financial Market (2000). The bank has a vast range of products and services such as deposits, accounts, loans, credit cards, and so forth.
Mashreq Bank can certainly be a great option if you are looking for personal loans in UAE or other loan types. Besides attractive features like competitive interest rates, flexible repayment tenure, and others, another aspect that makes it a good choice is the Mashreq Bank loan deferment.
Mashreq Bank offers the option of deferment when it comes to loan repayment, which can help you delay your EMI payments for a specified period amidst a financial crisis. Let’s understand the Mashreq Bank loan deferment process and the related factors in detail below.
Loan deferment, often referred to as repayment holiday, allows you some space to relax with respect to the repayment of your loan. When you opt for loan deferment, you get to delay the EMIs for your loan for a few months. This option can be availed of if you suffer from a financial crisis when your loan is ongoing.
Mashreq Bank is remarkable in that it automatically offers loan deferments with its personal loan in UAE at the start. Simply put, the first EMI of your Mashreq Bank personal loan has to be paid 90 days after availing of the loan.
With that said, you can also opt for Mashreq Bank loan deferment for car loans and personal loans in UAE in the regular course or if you are impacted due to COVID-19. Taking note of the financial stress caused by the COVID-19 pandemic, Mashreq Bank had announced the provision of special loan deferment. This allowed borrowers to defer their loan repayments for up to three months without additional fees or charges.
EMI deferment is the same as loan deferment. Whichever term is being used, you can postpone the repayment of a few instalments of your loan by availing of this service.
As mentioned earlier, with Mashreq Bank personal loans, you get an automatic 90-day deferral for paying the first EMI. In other cases, you can place a Mashreq Bank loan deferment request if you are facing any financial stress.
Whether you are facing financial difficulties due to COVID-19 or any other reason, you would be required to submit a loan deferment request to the bank to initiate the process.
You can inform the bank why you require a loan deferment at the moment and submit the supporting documents for the same. The bank will review your deferment application and allow you to defer the loan for a specified tenure upon acceptance.
When you apply for Mashreq Bank loan deferment, the bank would thoroughly assess your eligibility qualifications, previous repayment history, and the financial stress suffered by you.
Based on these factors, the bank would allow a deferment that can extend up to three months in certain cases. During the deferment period, you won’t have to pay the EMIs as they would resume after this period is over.
Let’s discuss some of the salient features and benefits of Mashreq Bank loan deferment below –
No fees and charges are levied if you request a deferment because of the pandemic-induced financial hardships. However, if you are applying for the loan deferment in regular course, you would be charged a fee for the same. Titled ‘postponement fees’, this is calculated as AED 105 for each postponement.
Unapproved deferment negatively affects your credit score, as deferring your instalments without informing the bank is simply missing your payments or missed EMIs. So if you skip the EMIs for your loan, your credit score would be reduced, while your credit history would record them as missed payments.
If the bank approves the deferment, however, your credit score wouldn’t be affected. So if you apply for loan deferment due to COVID-19 or any other financial difficulty and receive approval for the same, the bank will not inform the AECB (Al Etihad Credit Bureau) of the same. Simply put, your credit score will remain intact.
Loan deferments can prove helpful if you are facing a financial crisis that requires your urgent attention. Mashreq Bank offers the deferment option for multiple loans. Mashreq Bank loan deferment process is fairly straightforward, as you can apply for the same by contacting the bank and informing them about your requirements.
If you apply for a deferment and your request is approved, you can delay your EMIs for some time without hampering your credit score. To be on the safe side, however, you should check whether you would be eligible for a deferment and for how long can you avail of the deferment.
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