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Mashreq Personal Loans in UAE
| Mashreq Personal Loan Details | |
|---|---|
| Age | 21 - 60 years(Expats) & 65 years(UAE Nationals) |
| Tenure | 48 months |
| Arrangement Fees | 1% of the approved loan amount |
| Early Settlement Fees | 1% of the outstanding amount |
| Maximum Loan Amount | AED 150K - AED 3000K(depends on the nationality and type of loan) |
| Interest Rates | Flat rate: 2.63% | Reducing rate: 6.25% |
| Minimum Salary | AED 7000 - AED 10000 per month (depends on the nationality and type of loan) |
Features of Mashreq Personal Loan
Mashreq bank provides a variety of personal loans for different set of people like
Personal loan for Expats
Provides personal loan to meet the requirements of salaried expats working in UAE
- Minimum salary AED 7000
- Salary transfer to Mashreq bank is required
- Debt to Burden Ratio should not exceed 50%
- Can get up to 1 million AED
Personal loan for UAE Nationals
Provides personal loan for Emiratis with attractive interest rates and hassle-free documentation
- Minimum salary AED 10,000
- Only salaried individuals are eligible
- Can get up to 3 million AED
- Debt to Burden ratio should not exceed 50%
Personal loan for expats without Salary transfer
Provides personal loan for expats with no requirement of salary transfer
- Minimum salary of AED 7000 is required
- Salary Transfer not required
- Minimum one year of employment with the current company
Emirati personal loan for pensioners
Provides personal loan without any guarantor and can maintain zero balance account
- Minimum income of AED 10,000 is required
- Free cheque book and debit card is given
- Pension must be transferred to Mashreq bank account
Personal loan for New to UAE/New to Employer
Provides loan to the people who are new to UAE with a valid resident Visa or people who just got employed in UAE
- Company must be listed with the bank
- Salary transfer is required
- Minimum salary of AED 7000 is required
- Debt to burden ratio should not exceed 50%
Eligibility Criteria of Mashreq Personal Loan
- A minimum salary of AED 7000 - AED 10,000 is required
- UAE Nationals and Expats are eligible
- For few loans salary transfer is mandatory
Check here for the Eligibility Criteria of Mashreq Personal Loan
Documents Required of Mashreq Personal Loan
- Salary Certificate/Salary Certificate letter is mandatory
- 3-6 months bank statements are required
- Valid passport and VISA
- Emirates ID
- Personal loan application
Mashreq Bank Personal Loan Interest rates
4 Personal Loans Provided By Mashreq Bank
Personal loan for UAE Nationals
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
Features
- The loan is provided for a interest rate of 5.99%
- Minimum salary of AED 10,000 is required
- The reduction rate and the flat rate is 5.99% and 3.3%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is mandatory to transfer your salary
- Finance up to AED 3,000,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
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
Personal loan for Expats
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
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 1.05% of finance amount
- Arrangement fee is 1.05% 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
Emirati Personal loan for Pensioners
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%
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
Personal loan for New to UAE/New to Employer
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
Features
- The loan is provided for a interest rate of 6.49%
- Minimum salary of AED 7,000 is required for approved companies. AED 10,000 is required for non-listed company's applicants.
- 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
- Finance up to AED 150,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1.05% of loan amount
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
Frequently Asked Questions
⭐ What are the other personal loans provided for UAE Residents?
A. Other than Mashreq, there are various banks providing loans. You can check various personal loan in UAE here.
⭐ Should the employee be a part of approved companies listed with Mashreq to avail the expat loan?
A. No, being a part of Mashreq approved list of companies is not necessary to avail expat’s loan.
⭐ Does the salary requirement vary from employees of approved companies and non-approved companies?
A. Yes. It’s AED 7000 for approved companies and AED 10,000 for non approved companies.
⭐ Is installment deferment option available with expats loan?
A. Yes. You postpone your loan payment installments 2 times every year.
⭐ How can I apply for Mashreq Emirates personal loan?
A. You can apply the loan by consulting your nearest branch, calling the bank, via SMS, applying online.
⭐ What’s the fees charged for cancellation of the loan?
A. A fee of AED 100 is charged on cancellation of loan.
⭐ I am expat. How can I avail Mashreq personal loan without transfer of my salary?
A. You can go for Mashreq Non Salary Transfer loan for expats if you want to avail the loan without the transfer of your salary.
⭐ How can I meet my immediate finance needs if I am new to UAE using Mashreq personal loans?
A. Mashreq provides New to UAE/ New to employer personal loan for people who newly moved to UAE/newly changed their employer.
⭐ Should I be a UAE national to acquire Emirati personal loan for pensioners?
A. Yes. You should be UAE national to avail personal loan for pensioners.
⭐ What is the eligibility criteria for Mashreq Personal Loan?
A. A minimum salary of AED 7000 - 10,000 is required to be eligible for the Mashreq personal loan.
About Mashreq
Mashreq Bank is a private sector bank established in 1967. It was started by Al-Ghurair Group and it also known as largest private sector bank. Mashreq Bank provides both retail and commercial services to their customers.
Mashreq provides a wide range of products and services that suits the needs of every customer. It works with an aim to provide their customers best banking experience and establish a good customer bank relationship. Mashreq Bank has marked its presence globally by starting their operations at regions like Bahrain, Egypt, Kuwait, Qatar. It also has branches in New York, Mumbai(India), London and Honk Kong.
Get in touch with Mashreq Bank Customer Care
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