Mashreq Personal Loans for Emiratis Long Term and Debt Consolidation

Personal Loan in UAE

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  • Hassle-free documentation
  • EMI Tenure up to 48 Months
  • Lowest Interest Rates

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Mashreq Personal Loans for Emiratis Long Term & Debt Consolidation Summary

Minimum Salary Required 

AED 10,000

Salary Transfer Required

Yes

Debt to Income Ratio

Maximum 50% of the monthly salary

Maximum Loan Repayment Tenure

300 months

Maximum Loan Amount 

AED 5 million

Apply for Mashreq Personal Loans for Emiratis Long Term & Debt Consolidation

Owing to various requirements over time, an individual may have different loans at any instant. However, this can lead to debts at different interest rates, which can become difficult to manage and repay. In such cases, a personal loan in UAE can be utilised, with a great option for the same being Mashreq Bank personal loan for Emiratis long term and debt consolidation. 

In a debt consolidation loan, an individual can borrow a personal loan in UAE to repay their existing debts from other sources. Thus, instead of clearing off multiple loans, one can go for debt consolidation and repay only a single loan at lower interest/profit rates. 

Mashreq Bank, among the most eminent banks in the UAE, offers excellent personal loan plans at low interest rates and long repayment tenures. Using such Mashreq personal loans, one can easily opt for long-term debt consolidation loans and clear out their debt burden.

Personal Loans for Emiratis Long Term And Debt Consolidation

  • Minimum Salary AED 10,000
  • Monthly Payment NA
  • Flat Rate 0.0%
  • Reducing Rate 0.0%
  • No Salary Transfer

Features and Benefits of Mashreq Bank Personal Loans for Emiratis Long Term And Debt Consolidation

  1. Easy Way to Clear Debts - With this debt consolidation personal loan for Emiratis, individuals can have access to an easy way to clear their existing debts. Instead of repaying the loans at different interest rates, you can now pay them off in one place and at lower interest rates with this Mashreq personal loan in UAE affordably. 
  2. Low Interest Rates - The interest rates charged for this Mashreq personal loan in UAE are quite affordable and low, with the rates for Emiratis generally starting from 5.99%. This way, it becomes easy for users to clear their debts at lower rates and in a collective manner. 
  3. High Loan Amount - Amounts as high as AED 5 million can be availed under Mashreq personal loans for Emiratis long term and debt consolidation. Using such a high loan amount, individuals can easily clear their existing debts in one go and continue repaying this personal loan in UAE in small instalments.
  4. Repay in 25 Years! - As one may be aware of, longer loan repayment tenures lower the instalment amount compared to short-term loans. With this Mashreq Bank personal loan, customers get as long as 300 months of loan repayment tenure so that they are not burdened with debt consolidation loans at Mashreq Bank. 
  5. Get an Insight or Access your Account Anytime, Anywhere  - With the mobile application and an easy-to-use Internet banking portal, you can have an insight into the details of your bank account or avail of a banking facility anytime and from anywhere. 
  6. Quick Documentation - The documentation process for this personal loan in UAE by Mashreq Bank is quick, meaning that you can apply for the Mashreq personal loan with minimum paperwork (and the corresponding minimum hassle). 

Apply best personal loan to get rid of financial problems

Eligibility Criteria for Mashreq Personal Loans for Emiratis Long Term And Debt Consolidation

Given below are the eligibility criteria for this Mashreq Bank personal loan in UAE for debt consolidation as specified by the bank.:

 
Salary Required At least AED 10,000 per month

Salary Transfer Required

Yes

Company Approval Status 

The company where the applicant is working should be included in the list of the companies approved by the bank

Documents Required for Mashreq Personal Loans for Emiratis Long Term & Debt Consolidation

To apply for a Mashreq Bank personal loan for long term and debt consolidation, an applicant needs to produce the following documents as required by the bank at the time of applying:

  • Valid Passport 
  • Emirates ID
  • For Government and Semi-government employees – a salary transfer letter according to Mashreq format OR salary certificate is required 
  • Previous 3 months’ bank statements with credit of salary

Note: The list of required documents can vary depending upon the person and the loan amount they opt for. 

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How to Apply for Personal Loans For Emiratis Long Term And Debt Consolidation?

Before starting your planning to apply for Mashreq Bank personal loan for long term and debt consolidation, wait a moment and check out the application procedure so that you don't face any problems while applying for the loan. 

There are two ways to apply for a Mashreq personal loan in UAE. The first mode consists of applying through the bank's official website or by visiting the nearest branch of Mashreq Bank. In this case, the applicant must request an application form for Mashreq Bank personal loans for Emiratis long term and debt consolidation at one of the branches or download it from the official Mashreq website. After filling out that form, submitting the required documents, and paying the required application fees, the applicant will be contacted by the bank to discuss the remaining procedures. 

Another popular way of applying for a Mashreq Bank personal loan is through the Policybazaar UAE website. Given below is the procedure for the same:

  • 1st Step - Click on the ‘Personal Loans in UAE’ section on policybazaar.ae under the category ‘Banking Products’ 
  • 2nd Step - Fill out the brief form on the right side of the page with details like your name, income, contact details, and more
  • 3rd Step - After you submit the form, you will receive various options for a personal loan in UAE by several banks here
  • 4th Step - Select a plan of your choice (the Mashreq personal loan in this case) 
  • 5th Step - Apply for the plan by providing further details related to your identity, income, nationality, and so more

Once you provide all the required details and submit your application, a Policybazaar UAE executive will soon connect with you.

FAQs

What are Long-Term and Debt Consolidations?

A long-term debt consolidation loan is borrowed with an aim of clearing out all the existing debts of an individual. This loan allows the use of debt consolidation amounts to repay all the debts and repay the loan amount at affordable interest rates over a long time.

Do I need to provide security to avail Long Term And Debt Consolidation?

No, there is no need to provide security against debt consolidation loans with Mashreq Bank.

How to find the nearest branch of Mashreq Bank?

On the official website, you can click on the ‘branch locator’ under the section ‘ATM & Branches’. Here, you can easily locate the nearest Mashreq Bank branch.

Is the Islamic Finance option available for Long Term and Debt Consolidation at Mashreq Bank?

No. For these long-term debt consolidation loans, Islamic Finance is not available.

What are the benefits of Long Term and Debt Consolidation?

Here are the major benefits of long term and debt consolidation loans: 

  • Clear all your existing debts 
  • No hassle of repaying debts at several sources at different interest rates
  • Chance to repay loans in one place at highly affordable rates and over a long repayment tenure
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