Mashreq Al Islami offers Sharia compliant Islamic financial services and products. The bank offers finance, cards, insurance, accounts and much more. All the products and services are 100% Sharia compliant. The bank also offers products catering to a certain section of the society such as personal finance for self employed individuals in UAE. This personal finance option comes at a low rate of interest and flexible repayment plans.
Features and benefits of Mashreq Bank Al Islami Self Employed Personal Finance
Listed below are the features and benefits of Mashreq Al Islami Self Employed Personal Finance.
- The loan is designed specially for self employed individuals
- Based on the principle of commodity of Murabaha
- High finance amount for self employed individuals up to AED 750,000
- Flexible tenure period up to 48 months
- No need for collateral
- Provides additional finance facility(after 6 months)
- Competitive profit rates
- Simple documentation
- Speedy processing
- Quick approval
- Hassle free application process
- Can be availed online
Eligibility criteria for Mashreq Bank Al Islami Self Employed Personal Finance
Listed below is the eligibility criteria for Mashreq Al Islami Self Employed Personal Finance.
- Business- The applicant should be in the business for a minimum of 2 years
- Annual turnover of AED 360,000 in the personal account
- Annual business turnover- AED 1.5 million
- Type of employment- Limited Liability company, Sole proprietor, partnership, free zone companies, branches and subsidiaries of offshore companies.
Fees and charges applicable on Mashreq Bank Al Islami Self Employed Personal Finance
Listed below are the fees and charges applicable on Mashreq Al Islami Self Employed Personal Finance.
- Processing fee- 1% of the loan amount
- Insurance charge- 1% p.a. of the finance amount
- Late payment charge- 2% of the delayed amount
- Early settlement charge- As per contract
How to avail Mashreq Bank Al Islami Self Employed Personal Finance?
One can avail Mashreq Al Islami Self Employed Personal Finance by applying for it and submitting the required documents. One can apply for the personal loan online through the bank’s official website or through a financial comparative website. One can also apply for the loan at one of the branches of the bank in UAE.