If you have been meaning to buy a product but you haven’t had the funds to pay it for in full, then you can make the purchase and convert the balance to Easy Payment Plan. With the Mashreq Easy Payment Plan facility, you can enjoy the freedom of spending on your credit card without having to worry about paying back the amount in full at once. You can choose to pay back the total bill amount in a monthly instalment basis.
Features and benefits of Mashreq Bank Easy Payment Plan
Following are the features and benefits of Mashreq Easy Payment Plan:
- There is no requirement to provide income documents.
- You will be offered attractive interest rates.
- The repayment term offered up to 36 months.
- This facility is offered only to card members so they can pay their outstanding balance in their credit card in instalments in pre-agreed tenure.
- The card has to be a valid credit card issued by Mashreq Bank.
- The bank considers the repayment history and general performance of the card member before approving the facility.
- Card member can fully or partially convert the balance.
- Cancellation or early payment is not recommended. If the cardholder still chooses to cancel or early payment, a cancellation fee will be charged. Though interest will be charged for the remaining period of the tenure.
How to make a request?
The card member must submit the duly filled application form. The request for Easy Payment Plan can be made through a recorded telephonic call. You can also send an SMS.
The bank will then review the request and either accept or reject the request. If the application is approved, the same will be communicated to card member. You will get the details of the monthly statement, tenure, interest fee and other charges.
The request will have to be submitted at least 5 working days before the payment due date.
The cardholder will be charged the following:
- Interest rate which is non-refundable.
- Processing fee.
- Insurance fee.