Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Mashreq Bank - Emirati Personal loan for pensioners Mashreq Bank - Emirati Personal loan for pensioners Minimum Salary: AED 10,000 Salary Transfer: Yes Islamic Finance: No Maximum Term: 4 Years Flat Rate: 2.63% Reducing Rate: 6.25%
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Want to know how to get a personal loan when on your pension? You’re in the right place. 
We offer personal loans for pensioners across the entire UAE. 
With competitive interest rates, comfortable repayment periods and flexible loan amounts - thousands of Emirati pensioners loan from us every year.
Features
  • Adjustable loan amounts to match your needs
  • Option to pay in manageable monthly instalments
  • Comfortable repayment periods
  • Competitive interest rates
  • Simple documentation and quick processing
  • No guarantors required for application
  • Top-up facility is available
  • Access to credit card & revolving overdraft
  • Free cheque book and debit card
  • Zero balance current account for loans greater than or equal to AED 25,000
Documents Required
  • A bank statement from the last 3 months
  • A security cheque with the requested loan amount
  • A completed personal loan application form – this will be provided by us
  • A copy of your passport is needed
  • At least one payment from your pension salary needs to be credited into your Mashreq account
  • Valid Emirates ID
  • lCopy of family book
Eligibility
  • You must be a UAE National who is receiving a monthly pension salary from the Pension Authority
  • You must have a minimum income of AED 10,000
  • You must ensure your pension salary is transferred to Mashreq
Additional Information
  • Loan amount can go up to 20 income multiples
  • The total repayable amount should not exceed 30% of your monthly pension salary 
  • The maximum loan tenor can go up to 48 months 
  • Minimum loan amount is AED 20,000
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
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