| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Masraf Personal Loan
|
Minimum Salary: AED 15,000 | Salary Transfer: Yes | Islamic Finance: No | Maximum Term: 48 Years | Flat Rate: 2.99% | Reducing Rate: 5.49% |
The Al Masraf Personal Loan is a loan granted to customers (UAE Nationals and Expatriates) whose salaries are credited to Al Masraf. The maximum amount for a Personal Loan is 20x your salary (15x the salary for Ministry of Defense staff). The loan is intended for personal use - such as debt consolidation, home renovation, or extra liquidity - and is repaid by salary deductions over a flexible tenure of up to 48 months.
Key Benefits:
- Applicable for UAE Nationals and Expatriates.
- Competitive rates.
- High Loan Amounts – up to 20x monthly salary (15x for MOD)
- Minimal documentation for faster approvals
- Conventional and Islamic (Murabaha) options available
- Up to 2 EMI deferrals per year
More Product Benefits:
- Finance for Fresh, top-up and buyout of existing loans.
- Free for Life Credit Card available*
- 180 Days Grace Period – Option to defer the first installment.
Eligibility & Requirements:
- A minimum salary of AED 15,000
- 21 to 65 years (Nationals) / 21 to 60 years (Expats)
- Min 6 months or upon Confirmation (min 3 salaries credited)
- Financing available for salaried and self-employed individuals
Fees & Terms:
- Processing Fee: 1% of loan amount (Min AED 500, Max AED 2,500)
- Early Settlement: 1% of the remaining principal (Max AED 10,000)
- Mandatory Life Insurance coverage required.
Documents Required:
- Valid Passport/Residence Visa/Emirates ID
- Salary Transfer Letter / Salary Certificate.
- Salary transfer letter or salary certificate - required for salaried customers.
Terms and Conditions:
- Loans are issued at the sole discretion of Al Masraf and are subject to terms and conditions.
- The Bank may amend the features, fees, charges, terms and conditions of the Loan, prior to which, you will be given 60 days notice.
- The Bank may amend the interest rates for the Loan, prior to which, you will be given 30 days notice.
- Make sure you’re settling your loan instalments on time to avoid being charged with Late Payment Fees.
*Monthly installments are calculated based on a representative loan amount of AED 100,000.
** Calculator Definitions
Amount:
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Rate (%):
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Years:
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Effective Monthly Payment:
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Calculated Annual Percentage Rate (%):
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Representative Example Calculator
