If you are New to UAE or New to Employer , you can now get a personal loan up to AED 150,000 from Mashreq Bank and you can enjoy a comfortable repayment period.
- Loan amounts to suit your settlement requirement
- Free tablet
- Comfortable repayment period
- Competitive interest rates
- Simple documentation and quick processing
- No collateral or guarantors required for application
- Top-up facility is available post confirmation and after 6 months
- An access to Credit Card & Revolving Overdraft
- Zero balance current account for loans greater than or equal to AED 25,000
- Free cheque book and debit card
- Last 3 months Bank statement if available
- Salary Transfer Letter from Employer to Mashreq as per Mashreq Format
- Security Cheque with the requested loan amount
- Personal Loan application form – “will be provided by Mashreq”
- Passport Copy with Valid residence visa if the visa is stamped, if not yet then a Copy Residence Visa under process letter and a Copy of Valid entry permit
- Employer needs to be part of the Approved List of companies with Mashreq
- Minimum Salary required starts from AED 7,000 depending on the company category
- Loan amount can go up to 5 salary multiples
- The loan installment along with the overall monthly regular installments for the customer should not exceed 50% of the customer’s monthly salary
- Customer’s eligibility might be increased if he/she is having a company accommodation, or an extra variable income
- The maximum Loan tenor can go up to 48 months
- Salary needs to be transferred to Mashreq
- Minimum loan amount is AED 15,000 & it can go up to AED 150,000
** 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 on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.