Mashreq Personal Loan Eligibility - Minimum Salary, Age, Salary Transfer

Flat Rate

3.57%

Minimum Salary

AED 7000

Reducing Rate

6.49%

Max Loan Amount

AED 1000000

Early Settlement Fee

1%

flat-rate

3.57%

Flat Rate

minimum-salary

AED 7000

Minimum Salary

6.49%

Reducing Rate

loan-amount

AED 1000000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • Flexible tenure
  • Quick processing
  • High finance

Features

  • Length of service should be minimum 6 months
  • Need to provide salary transfer letter in Mashreq format
  • Only Expats can apply for this scheme
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Features

  • Length of service should be minimum 6 months
  • Need to provide salary transfer letter in Mashreq format
  • Only Expats can apply for this scheme
  • The loan is provided for a interest rate of 6.49%
  • Minimum salary of AED 7,000 is required for an approved company. For non-listed companies, AED 10,000 is required.
  • The reduction rate and the flat rate is 6.49% and 3.57%. This denotes that the computation done was a division of the reduction rate by 1.814
  • It is mandatory to transfer your salary to apply for this scheme
  • Finance up to AED 1,000,000
  • Early settlement fee is 1% of finance amount
  • Arrangement fee is 1% of loan amount

Benefits

  • Applicants can get up to AED 1,000,000 loan amount
  • Documentation is simple and easy
  • There is low salary requirement and long repayment period along with this scheme
  • Credit Card, Cheque book and debit card is provided free along with this scheme
  • Applicants can get finance for non-listed companies in UAE too
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Flat Rate

3.3%

Minimum Salary

AED 10000

Reducing Rate

5.99%

Max Loan Amount

AED 3000000

Early Settlement Fee

1%

flat-rate

3.3%

Flat Rate

minimum-salary

AED 10000

Minimum Salary

5.99%

Reducing Rate

loan-amount

AED 3000000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Advantages

  • High loan amount
  • Simple documentation
  • Can avail top-up facility

Benefits

  • Applicants can get up to AED 3,000,000 loan amount
  • Documentation is simple and easy
  • There is low salary requirement and long repayment period along with this scheme
Apply Now

Benefits

  • Applicants can get up to AED 3,000,000 loan amount
  • Documentation is simple and easy
  • There is low salary requirement and long repayment period along with this scheme
  • Availability of Islamic Finance option
Hide Explore

View details on bank page

Flat Rate

3.57%

Minimum Salary

AED 7000

Reducing Rate

6.49%

Max Loan Amount

AED 150000

Early Settlement Fee

1%

flat-rate

3.57%

Flat Rate

minimum-salary

AED 7000

Minimum Salary

6.49%

Reducing Rate

loan-amount

AED 150000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Benefits

  • Applicants can get up to AED 1,500,000 loan amount
  • Documentation is simple and easy
  • There is low salary requirement and long repayment period along with this scheme
Apply Now

Benefits

  • Applicants can get up to AED 1,500,000 loan amount
  • Documentation is simple and easy
  • There is low salary requirement and long repayment period along with this scheme
  • Availability of Islamic Finance option
  • Applicants from non-listed companies are also eligible
Hide Explore

View details on bank page

Flat Rate

3.57%

Minimum Salary

AED 10000

Reducing Rate

6.49%

Max Loan Amount

AED 1000000

Early Settlement Fee

1%

flat-rate

3.57%

Flat Rate

minimum-salary

AED 10000

Minimum Salary

6.49%

Reducing Rate

loan-amount

AED 1000000

Max Loan Amount

arrangement-fee

1%

Arrangement Fee

Features

  • Must be a UAE national to apply for this scheme
  • The reduction rate and the flat rate is 6.49% and 3.57%. This denotes that the computation done was a division of the reduction rate by 1.814
  • The loan is provided for a interest rate of 6.49%
Apply Now

Features

  • Must be a UAE national to apply for this scheme
  • The loan is provided for a interest rate of 6.49%
  • Minimum salary of AED 10,000 is required
  • The reduction rate and the flat rate is 6.49% and 3.57%. This denotes that the computation done was a division of the reduction rate by 1.814
  • Pension salary transfer is mandatory
  • Finance up to AED 1,000,000
  • Early settlement fee is 1% of finance amount
  • Arrangement fee is 1% of loan amount

Benefits

  • Applicants can get up to AED 1,000,000 loan amount
  • Documentation is simple and easy
  • There is low salary requirement and long repayment period along with this scheme
  • Guarantors are not needed to apply for this loan
  • Cheque book and debit card is provided free along with this scheme
Hide Explore

View details on bank page

Mashreq Bank

Mashreq Bank provides personal for UAE residents with low-interest rates and hassle-free documentation. It provides personal loans to the people New to UAE/New to Employment, to pensioners and various kinds of personal loans.

Eligibility criteria for Mashreq Bank

Personal loan for UAE Nationals

  • Minimum salary of AED 10,000 is required
  • Only UAE Nationals are eligible
  • Only salaried individuals are eligible
  • Company must be listed with the bank

Personal loan for Expats

  • Minimum salary of AED 5000 is required
  • Only Expats are eligible
  • Salary transfer is mandatory

Personal loan for New to UAE/New to employment

  • Minimum salary of AED 7000 is required
  • Salary transfer is required
  • Company must be listed with the bank

Personal loan for pensioners

  • Monthly income of AED 10,000 is required
  • Only UAE Nationals are eligible
  • Monthly pension must be transferred to Mashreq account

Personal loan for expats without salary transfer

  • Minimum salary of AED 7000 is required
  • Minimum 12 months of service at work
  • Only Expats are eligible

What influences Eligibility?

  • Credit history- Your previous or existing loans and credit cards can affect your current loan approval. Low credit score applications can be rejected.
  • Debt to Burden Ratio- DBR should be maintained low i.e below 50% is preferred by the banks to approve the loan.
  • Monthly income- If your monthly income is less than the requirement, then the bank doesn’t approve your loan.
  • Documents- Documents like Salary certificate, Passport, Emirates ID, Trade license (If Self employed) are mandatory.
    1. Salary Certificate- Salary Certificate is a mandatory document for any kind of finance as it is a proof of your work and an employment in a company. Bank can ask for a salary certificate or salary certificate letter.
    2. Emirates ID- Emirates ID is a proof to confirm your identity. Without Emirates ID banks do not approve the loan.
    3. Trade License- For the self-employed individuals trade license is a mandatory document.

Tips to improve the chances of loan approval

  • Make sure you meet the age limit.
  • Pay your current loans or credit card bills on time so that it won’t disturb your credit score.
  • Maintain all the required mandatory documents.
  • Don’t take more than required finance.
  • It is preferable to go for maximum tenures.

FAQs

⭐ I’m an expat, what is the minimum length of service is required?

A. A minimum 6 months of duration at work is required or “Confirmed” letter from the employer should be provided.

⭐ Is salary transfer mandatory for expats?

A. Yes, the salary transfer is mandatory. If you cannot transfer your salary then you can go for Non-Salary transfer loan.

⭐ What is the maximum tenure provided?

A. Maximum tenure of 48 months is provided.

⭐ What is the maximum loan amount provided for Emiratis?

A. Emiratis can get a maximum loan of AED 1 million.

⭐ For No salary transfer loan, what is the maximum finance provided?

A. On No salary transfer loan, maximum finance of AED 1,50,000 is provided.

⭐ I’m 65 years old. Do I get a personal loan?

A. Yes, Mashreq bank providesPersonal Loan for Pensioners.

⭐ What additional benefits I can get on the approval of personal loan?

A. A personal loan holder can maintain a zero balance account.
Check the list of Mashreq Personal loans.

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