The No Salary Transfer Personal Loan is a solution which enables salaried expatriates working in the UAE to avail a personal loan without going through the hassles of transferring their salary to Mashreq. The offerings are designed to assist you to avail funds quickly and conveniently to meet your planned or unexpected borrowing needs. Whether it's paying for children’s education, annual rent, or attending to a medical emergency, Mashreq can make it happen quickly and hassle-free.
*Terms & conditions apply
- Loan Amounts of up to AED 150,000
- Competitive rates of interest starting from flat rate 14.12% (equivalent reducing rate 23.99%)
- Comfortable repayment loan tenure of up to 48 months
- Monthly Instalments starting at AED 326 for every AED 10,000
- No Salary Transfer or collateral required
- Simple documentation and quick processing
- Islamic finance option is available
- Valid Passport Copy with Valid residence visa for Expatriate
- Valid Emirates ID
- Valid Salary Certificate
- Latest 3 months bank statement (If working in Approved list of Companies) or 6 months Bank statement (If working in Unapproved company) with salary credits
- Direct Debit Form (For non-Mashreq account holders)
- Security Cheque covering 120% of the loan amount
- Personal Loan Application Form – will be provided by Mashreq
- Minimum monthly salary of AED 7,000
- Minimum of 1 Year of employment with the current company
- The loan installment along with the overall regular monthly installments should not exceed 50% of the monthly salary
- Terms and conditions apply
** 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.