• Mashreq Bank Personal Loan

    Mashreq Bank Personal Loan

    Mashreq bank offers various kinds of personal loans to its customers under the personal banking umbrella. These loans offer a variety of features depending upon the customer’s requirement of finance. Segregation of personal loans into different categories had enabled customers to specifically identify their need and avail a loan that suits them the best.


    You’re probably eligible for Mashreq Bank Personal Loan if you are

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    Mashreq Bank Personal Loan Minimum Age

    At least 21 years old

    Mashreq Bank Personal Loan Maximum Age

    Less than 65 Years old

    Mashreq Bank Personal Loan Eligible Employment Type

    Salaried / Self – Employed
    with regular income

    Mashreq Bank Personal Loan Minimum Income

    Earn more than the minimum income required


    Your Mashreq Bank Personal Loan amount eligibility is based on these factors

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    Mashreq Bank Personal Loan Minimum Salary

    Minimum income required
    AED 10,000 per month

    Mashreq Bank Personal Loan Maximum Loan Funded

    Maximum allowed personal loan is AED 3 Million

    Mashreq Bank Personal Loan EMI

    EMIs of other loans lower your eligibility


    Increase your eligible Mashreq Bank Personal Loan amount by these steps

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    Mashreq Bank Personal Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Mashreq Bank Personal Loan Tenure

    Choose longer tenure loan up to 4 Years


    Documentation needed to apply for Mashreq Bank Personal Loan

    • 1. Last 3 months Bank statement
    • 2. Salary Transfer Letter from Employer to Mashreq as per Mashreq Format
    • 3. Security Cheque with the requested loan amount
    • 4. Personal Loan application form – “will be provided by Mashreq”
    • 5. Passport Copy
    • 6. Valid Emirates ID

    Mashreq Bank Personal Loan Interest RatesUpdated on 09 Dec 2016

    Mashreq Bank Personal Loan Details
    Interest Rate (Monthly reducing balance) AED MPR 6.25%
    Processing Fees 1.00% of the loan amount
    Loan Tenure 4 Years

    Types of personal loans from Mashreq Bank

    You can choose to avail from an array of personal loan schemes offered by Mashreq Bank. Based on your nationality and your relationship with Mashreq Bank, different personal loans can be availed to fulfil different financial needs. Following is a broad description of the various types of personal finance schemes offered by Mashreq Bank. 

    • Personal Loan for Expats

    Personal loan for expats from Mashreq Bank is a personal finance scheme which the bank offers to expats staying in the UAE. Expats can avail this loan for a variety of reasons like buying a new car or house renovation or even funding education of your child. With this personal loan you get to enjoy a quick and hassle-free application process as well as comfortable repayment options.

    • Personal Loan for Emiratis

    This personal loan scheme is targeted towards UAE nationals to help them realize their dream without worrying about money. Personal loan for Emiratis offers great loan amounts at attractive rates of interest and flexible payment periods.

    • New to UAE Personal Loan

    New to UAE personal loans are aimed at providing financial support to those customers who have just landed in the UAE and want funds to settle down in the country.

    • Emirati Personal Loan for Pensioners

    This personal loan scheme from Mashreq Bank is a unique scheme offered only to pensioners so as to help them realize their dreams without worrying about regular income. The Emirati personal loan for pensioners offers great loan amounts along with comfortable and flexible repayment options.

    Why choose Mashreq Bank personal loans ?

    Choose a personal finance scheme from Mashreq Bank if you want a hassle-free and safe banking experience. With expertise in several financial domains and a reputation to vouch for, Mashreq Bank is one of the most trusted banks in the UAE. The bank provides various financial solutions to suit the financial needs of a huge customer base. The bank also has a separate wing which takes care of Islamic financing needs.

    Fees and Charges involved with Personal Loans from Mashreq Bank

    The below table shows the schedule of fees and charges involved with Mashreq personal loans

    Type of Charge Amount
    Interest rates Linked to the Mashreq Prime Rates
    Processing fee The fee is 1% of the loan amount and has a minimum charge of AED 500 and a maximum charge of AED 2500
    Charge for life insurance 1.25% of the loan amount
    Fees for loan top up 1% of the top up amount and has a minimum charge of AED 500 and a maximum charge of AED 2500
    Late payment fee 2% of the delayed amount per instance of delayed payment and has a minimum charge of AED 50 and a maximum charge of AED 200
    Fees for Postponement The fee is AED 100 per instance of postponement
    Fee for early settlement through other banks The fee is 1% of remaining balance or AED 10,000 whichever is lower
    Fee for early settlement through own sources The fee is 1% of remaining balance or AED 10,000 whichever is lower
    Fee for early settlement for repeat loans The fee is 1% of remaining balance or AED 10,000 whichever is lower
    Fees for Liability letters addressed to other banks The fee is AED 100
    Fees for cancellation of the loan The fee is AED 100
    Fees for rescheduling of the loan The fee is AED 250

    Features of Mashreq Bank Personal Loan for Expats

    • Attractive interest rates are offered on this personal loan for expats
    • Quick and easy approval on loan applications
    • Personal loan for Expats can be topped up in case customer needs additional funds over and above the personal loan amount
    • An arrangement fee of 1% of the loan amount sought is charged by the bank
    • A pre-closure fee of 1% of the outstanding loan amount is charged in case a customer wishes to pay off the entire loan before the agreed initial loan tenure
    • Minimum documentation is required
    • Guarantors are not required for this loan
    • Customers do not need to submit any collaterals to avail this loan

    Benefits of Mashreq Bank Personal Loan for Expats

    • Maximum Loan amount is AED 100,000 and minimum is AED 15,000; loan amounts can be increased up to 20 times the salary
    • Flexible repayment period is offered. Ranges between 6-48 months
    • Credit card and overdraft facility can be availed along with this personal loan for expats
    • Top-up facility can be availed in case customers require additional funds

    Eligibility Criteria

    • Any salaried employee, who works at a company listed with Mashreq
    • Age of the applicant must be between 21 to 65 years
    • Minimum monthly salary required is AED 5,000
    • Only expats can apply for the Personal Loan for Expats scheme from Mashreq bank
    • Customer needs to be a confirmed employee of his/her current company
    • Customer is required to make salary transfer to Mashreq Bank every month
    • Customer’s eligibility gets enhanced if he/she has a company provided accommodation

    Features of Mashreq Bank Personal Loan for Emiratis

    • Mashreq Bank offers attractive interest rates on personal loan for Emiratis
    • Quick and easy approval loan approval procedure
    • Minimum documentation is required
    • Guarantors are not required for this loan
    • Customers do not need to submit any collaterals to avail this loan
    • The loan can be topped up for additional fund requirement
    • An arrangement fee of 1% of the loan amount is charged by the bank
    • A pre-closure fee of 1% of the outstanding loan amount is charged in case a customer wishes to pay off the entire loan before the agreed loan tenure
    • Applicants are required to transfer their monthly salary to Mashreq Bank for availing the personal loan for Emiratis

    Benefits of Mashreq Bank Personal Loan for Emiratis

    • Minimum Loan amount is AED 25,000 and maximum loan amount that can be availed is AED 1,000,000; loan amounts can go up to 20 times the salary
    • Credit card and overdraft facility can be availed with this personal loan
    • Comfortable repayment period of 6-48 months
    • You get a free cheque book and credit card with the personal loan for Emiratis from Mashreq bank

    Eligibility Criteria

    • Only UAE nationals can apply for Mashreq Bank personal loan for Emiratis
    • Any salaried employee, who works at a company listed with Mashreq Bank can apply
    • Age of the applicant must be between 21 to 65 years
    • Minimum monthly salary required is AED 10,000
    • Only Confirmed employees of a company can apply for this loan
    • Employer of applicant needs to be part of the approved employer list of Mashreq Bank
    • Mashreq bank offers attractive interest rates on the New to UAE personal loan
    • Quick and easy approval on loan applications
    • New to UAE personal loan from Mashreq Bank can be topped up if a customer needs additional funds
    • An arrangement fee of 1% of the total loan amount is charged by the bank
    • Minimum documentation is required to be submitted
    • Guarantors are not required to sign application for this loan
    • Applicants are required to transfer their monthly salary to Mashreq Bank for availing the personal loan for Emiratis
    • Customers do not need to submit any collaterals to avail this loan
    • Minimum Loan amount is AED 15,000 and maximum is AED 150,000; loan amounts can go up to 5 times the salary of any applicant
    • Credit card and overdraft facility are offered with the New to UAE personal loan
    • Repayment period of 6-48 months is offered by Mashreq Bank on this loan scheme
    • Zero balance current account is offered for personal loan amounts greater than or equal to AED 25,000
    • Only UAE nationals can apply for this personal loan
    • Salary transfer per month to Mashreq Bank is required
    • Any salaried employee, who works at a company listed with Mashreq Bank is eligible for the New to UAE personal loan
    • Age of the applicant must be between 21 to 65 years
    • Minimum monthly salary required to be eligible is AED 7,000
    • Only confirmed employees are eligible to apply for this loan
    • Adjustable loan amounts to suit your financial need
    • This loan comes at attractive rates of interest
    • Quick and easy approval of personal loan application
    • Credit card and overdraft facility can be availed on taking the Emirati personal loan for pensioners
    • Flexible and comfortable loan repayment tenures
    • This personal loan for pensioners from Mashreq Bank can be topped up as and when required. This is however, based on the sole discretion of the bank
    • You do not need a guarantor to sign your loan application
    • Free debit card and cheque book are offered as part of the Emirati personal loan for pensioners
    • Minimum Loan amount is AED 20,000 and maximum is AED 1,000,000
    • Repayment period is between 6-48 months
    • For loans greater than AED 25,000, zero balance current account is available
    • Only UAE nationals can apply for this loan scheme
    • Any pensioner in the UAE receiving his/her pension from the Pension Authority
    • Minimum monthly salary required for this personal loan is AED 15,000
    • Applicant needs to transfer his/her pension to Mashreq Bank in order to avail this personal loan

    Mashreq Bank is a leading financial institution in the UAE with a growing presence in the Middle East region. The company was established in the year 1967. The bank has a growing network of branches and also the largest network of ATMs in the UAE.

    Mashreq bank is known to be the highest performing bank in the region. The bank has services and products pertaining to a wide spectrum of financial offerings. Mashreq bank specializes in wealth management, retail banking, corporate banking, investment banking and other major banking domains.

    1. What are the different types of personal loans offered by Mashreq Bank?
    2. Mashreq Bank offers:

      • Personal Loan Remit
      • Personal Loans in UAE for Expatriates
      • Non-salary transfer loan for Expatriates
      • Personal loans in UAE for Emiratis
      • New to UAE or New to employer
      • Buy-out and debt consolidation
      • Top-up for existing loan customers
      • Personal loan in UAE for Emirati Pensioners
    3. What is the eligibility criteria to get Mashreq Bank Personal loan?
    4. Mashreq Bank Personal loan can be taken by an individual who is at least 21 years old but less than 65 years old. The individual must be salaried or self-employed.

    5. What is the minimum income required to be earned by the borrower?
    6. The borrower must have a minimum monthly income of AED5,000.

    7. What is the maximum loan amount allowed?
    8. The maximum loan amount allowed is AED1,000,000.

    9. What is the interest rate offered on the loan?
    10. The interest rates charged on personal loans are linked to Mashreq Prime Rate which is 6.25%.

    11. What is the tenure for which the personal loan is offered to?
    12. Mashreq Bank personal loan is offered for 4 years.

    13. What is the repayment period offered?
    14. The repayment tenure ranges from 6 – 48 months.

    15. What are the documents required to apply for Mashreq Bank personal loan?
    16. You will have to submit your last 3 month’s bank statement, security cheque, salary transfer letter, application form, Valid Emirates ID and passport copy.

    17. Is there any processing fee charged?
    18. Yes, processing fee of 1% of the loan amount is charged.

    19. What is the late payment fee charged by Mashreq Bank?
    20. The late payment fee is 2% of the delayed amount.

    21. Is there any early settlement fee charged?
    22. The early settlement fee charged is either 1% of the remaining amount or AED10,000 whichever is lower.


     

    News About Mashreq Bank Personal Loan

    • Digital Charity Account Launched in the UAE

      AHSEN - the first Digital Charity Account is launched in the UAE by Mashreq Al Islami. The account is launched in partnership with Dar Al Ber, Beit Al Khair and Fujairah Welfare. The account is launched with the purpose of creating awareness and generate a new approach to charitable activities and donations. The account would help people keep a track of their donations and make them more traceable. The account holder would be able to see a list of charitable projects controlled by Beit Al Khair, Dar Al Ber and Fujairah Welfare. They would also see the amount required for complete these projects. People who have made contributions through this account would be able to track the development of a particular project where they have contributed. AHSEN allows people to contribute to any kind of charitable activities. Mashreq customer can contribute using Snapp, MashreqOnline or ATMs by Mashreq. The non- Mashreq customers can do so by opening an instant Islamic Account by visiting the website of Mashreq Bank.

      07th June 2016

    • Mashreq Net Profits Stable at AED 2.4 Billion

      Leading UAE financial firm Mashreq declared stable net profits of AED 2.4 billion for the fiscal year 2015. In December 2015, the earnings per share stood at AED 13.53.

      The operating income of the company went up by 2.3 percent over the previous year to AED 6 billion. This was bolstered by the net interest income, which registered a 7.3 percent growth year-on-year.

      Mashreq’s average loan volume jumped by 9 percent over the previous year. Customer Deposits rose by 7.5 percent in FY2015 to AED 73.6 billion, and Total Assets saw an 8.8 percent hike to AED 115.2 billion.

      The company’s loan-to-deposit ratio was strong at 81.7 percent at the end of December 2015. The ratio of Non-Performing Loans to Gross Loans fell 2.8 percent at the end of December from 3.7 percent the previous year.

      Mashreq CEO Abdul Aziz Al Ghurair said: “The Bank has maintained a steady performance in the difficult market conditions, proving once again that being prepared is half the battle won… this is remarkable when you consider how rapidly the market sentiments deteriorated, influenced by the tumbling price of oil.”

      29th January 2016

    • Mashreq Al Islami Awarded Best Islamic Window 2015

      Mashreq Al Islami, the Islamic banking division of UAE’s leading financial institution, was announced the winner of Best Islamic Window for the fifth consecutive year at the 10th Islamic Business & Finance Awards.

      Established in 2005, the Islamic Business & Finance Awards aims to recognize the best performing institutions in a variety of regions where Islamic finance is either already developed or is rapidly expanding and was attended by close to 200 Islamic bankers and financiers from around the world.

      CEO of Mashreq Al Islami, Tooran Asif, stated that the award was a reflection of their focus and commitment towards contributing to the Islamic Business of the bank and growing it as well as accommodating the needs of their customers. Mashreq Al Islami continues to expand its Shariaâ Compliant product offerings with a host of new products launched for both retail and corporate clients.

      23rd December 2015

    • Mashreq Bank holds a raffle draw for its business customers

      Mashreq bank held a raffle draw for its business loan campaign. The campaign was launched to appreciate the business partnership with its customers. The three winners were handed Toyota Corolla cars as prizes. Only customers who applied for the small business loan or self-employed loan during the promotion period. The first winner to win the Toyota Corolla was Mr. Alukkal Mohammed Basheer. The winner is selected from the customers who have booked loans during each month. The last draw for the campaign will be in the month of September for customers who booked their loans during the month of August 2015.

      14th September 2015

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