Mashreq Bank Personal Loan

Notably, among its comprehensive suite of offerings, the Mashreq Bank personal loan products have been particularly instrumental in meeting the diverse financial needs of its clientele. To ensure a tailored fit for every customer, Mashreq Bank has a range of personal loans for existing customers, new customers, top-up loans for existing clients, and debt consolidation loans.

Each of these loan types is meticulously designed to align with the distinct requirements and preferences of its recipients, offering unique features and numerous benefits.

This article will delve into the fundamentals of each type of Mashreq Bank personal loan, exploring their attributes, advantages, eligibility criteria, and more to provide you with a comprehensive understanding of why these offerings have become an integral part of the financial landscape in the UAE.

Types of Mashreq Bank Personal Loans

Currently, Mashreq Bank offers four types of personal loans as given below –

• Mashreq personal loan for New Customers: Catering to individuals who are relatively new to the bank, the Mashreq Personal Loan is an ideal choice for salaried clients residing in the UAE. This personal loan is an excellent solution for both planned and unforeseen financial needs such as debt consolidation, vacation planning, home renovations, education funding, medical emergencies, property purchases, and more.
• Mashreq Personal Loan for Existing Customers: For those already enjoying a banking relationship with Mashreq, the bank extends an exclusive personal loan product designed to reward their loyalty. Just like the loan for new customers, this loan can be utilised for a diverse range of financial requirements. Additionally, existing customers may have the opportunity to access higher loan amounts or more favourable terms due to their established relationship with the bank.
• Mashreq Debt Consolidation Loan: For customers grappling with multiple debts, Mashreq offers the Debt Consolidation Loan. This loan consolidates all outstanding debts into a single loan, with the goal of reducing monthly payments and simplifying debt management. This type of loan can be particularly beneficial for customers seeking to pay off high-interest debt (such as credit card balances) as the interest rate for the debt consolidation loan may be lower.
• Mashreq Top-Up Loan: Recognising the evolving needs of its customers, Mashreq Bank offers a Top-Up Loan for existing personal loan customers. As the name suggests, this type of loan allows customers to borrow additional funds on top of their existing loan, making it an ideal solution for those who encounter unexpected financial needs or wish to leverage the loan for additional financial endeavours. 

Features and Benefits of Mashreq Bank Personal Loan

Let's take a closer look at the distinctive features and benefits that make Mashreq Bank personal loans a preferred choice for many. The table below breaks down the main features and benefits across different types of personal loans offered by the bank.

Types of Mashreq Bank Personal Loans	Features and Benefits
Mashreq Bank Personal Loan for Existing Customers	Quick online approval in just 5 minutes  Option to get a loan of up to 20 times your salary (up to AED 1 million)  Attractive interest rates and deferment of up to 90 days for the 1st EMI  Personal loan calculator to estimate monthly instalments
Mashreq Personal Loan for New Customers	Swift online approval within 5 minutes  Opportunity to avail of a loan up to 20 times your salary, as high as AED 1 million  Enjoy low-interest rates with the option to defer the 1st EMI up to 90 days  Personal loan calculator available to compute monthly instalments
Mashreq Personal Loan for Debt Consolidation	Ideal solution if you have multiple loans and seek an efficient repayment method  Consolidate all your debts into one personal loan to save on interest payments  Lower monthly payments resulting in more disposable income  Benefit from reduced interest payments and up to 90 days’ deferment for the 1st EMI  Single consolidated payment for better debt management for an enhanced lifestyle
Mashreq Bank Top-Up Loan for Existing Customers	Perfect choice if you need additional funds to cover unexpected expenses  Fast online approval within 5 minutes  Avail of a loan up to 20 times your salary, as high as AED 1 million Benefit from low-interest rates and defer your 1st EMI up to 90 days

Eligibility Criteria for Mashreq Bank Personal Loan

Eligibility criteria form an essential aspect of any loan application process. These criteria are a set of conditions that a borrower must meet to qualify for a loan and ensure the bank's confidence in their ability to repay the loan amount.

Meeting these criteria is crucial as it not only increases your chances of loan approval but can also influence the terms of the loan such as the interest rate or the loan amount.

This section outlines the eligibility criteria for all types of Mashreq Bank personal loans, including Personal Loans for New Customers, Personal loans for Existing Customers, Debt Consolidation loans, and Top-Up loans -

• Salary Requirements: The minimum monthly salary required for Mashreq Bank personal loans depends on the type of company you are employed with. If you are working for an approved company, your monthly salary should be at least AED 5,000. However, if you are employed with an unapproved company, you would be required to have a minimum monthly salary of AED 10,000.
• Company Approval: While it might be advantageous to be employed with a company approved by Mashreq Bank, it is not a mandatory requirement. Mashreq Bank welcomes applications from employees of both approved and unapproved companies, fostering a more inclusive lending environment.
• Employment Stability: To ensure that borrowers have a steady source of income to meet their loan repayments, Mashreq Bank stipulates that applicants must be confirmed employees at their current company. Alternatively, they should have a length of service of 6 months or more. This condition helps the bank ensure that the borrower has stable employment and can manage the loan repayment effectively.

Documents Required for Mashreq Bank Personal Loan

Having the appropriate documents ready is an essential step when applying for a Mashreq Bank personal loan. This preparation not only aids in avoiding potential delays but also expedites the loan application process. Each document plays a crucial role in verifying the borrower's identity, financial standing, and repayment capacity.

Listed below are the documents required for Mashreq Bank personal loans -

• Valid Passport and UAE Residence Visa Page: A valid passport is an essential document for identity verification. In addition, if you are a resident of the UAE, you need to provide the page of your passport that displays your UAE residence visa. These documents prove your legal residency in the UAE and your eligibility to apply for a Mashreq bank personal loan.
• Valid Emirates ID: An Emirates ID is another crucial document required by Mashreq Bank. This government-issued ID is used to confirm your identity and residency status, which are vital for the bank to process your loan application.
• Employer Salary Transfer Letter or Salary Certificate: For those applying for the Mashreq Bank Debt Consolidation Loan, a salary transfer letter in the prescribed format is required. Government or semi-government employees can alternatively provide a salary certificate. This document is crucial as it validates your income and enables the bank to assess your repayment capacity.

Finally, it's important to note that Mashreq Bank may request additional documents for further verification purposes. To ensure a smooth and efficient loan application process, it's advisable to submit any additional documents requested by the bank as promptly as possible. This proactive approach will help prevent any unnecessary delays in your application process.

Fees and Charges Associated with Mashreq Bank Personal Loans

The table below covers the fees and charges associated with Mashreq Bank personal loans as applicable on the date provided. Understanding these fees and charges is essential for borrowers to plan their finances accordingly and avoid any unforeseen costs.

Fees and Charges for Mashreq Bank Personal Loan	Expatriate	Emirati
Rate of Interest (VAT not applicable)	5.99% to 31.99%	5.99% to 12.99%
Processing Fees	1.05% of the loan amount	1.05% of the loan amount
Loan Top-up Processing Fee	1.05% of the loan amount	1.05% of the loan amount
Life Insurance Fee (No Insurance Coverage for Neo Credit)	Free coverage (w.e.f 1st January 2022)	Free coverage (w.e.f 20th January 2023 for loans/finance tenor up to 60 months.)
Life Insurance Fee (Debt Consolidation Loan)	-	0.01911% of the outstanding loan amount per month (from 1st January 2022 to 20th January 2023)
Postponement Fees	AED 105 per postponement	AED 105 per postponement
Late Payment Fee	2% of the delayed amount (Min. AED 52.5, Max. AED 210)	2% of the delayed amount (Min. AED 52.5, Max. AED 210)
Early Settlement Fee (Through Other Banks / For Repeat Loan / Through Own Sources / Partial Settlement)	1.05% of the settled amount or AED 10,500, whichever is lower	1.05% of the settled amount or AED 10,500, whichever is lower
Liability Letter Addressed to Other Bank	AED 63	AED 63
Loan Rescheduling Fee	AED 262.5	AED 262.5
Loan Cancellation Fee	AED 105	AED 105
Other Charges (Loan copy, Issuing Redemption Statement, Audit Confirmation, etc.)	AED 26.25	-

Please note that fees and charges are subject to change. Make sure to refer to the most recent details provided by the bank.

Mashreq Bank Personal Loan Calculator

Mashreq Bank provides a convenient personal loan calculator tool on its official website, allowing potential borrowers to calculate their estimated monthly instalments. This tool presents an easy and efficient way to plan your finances and determine how much you can afford to borrow.

It’s quite easy to use the Mashreq Bank personal loan calculator. Visit Mashreq Bank's official website, navigate to the personal loan section, and locate the personal loan calculator. From there, input the loan amount, interest rate, and loan tenure, after which the calculator will display your estimated monthly instalment instantly.

Alternatively, you can use the personal loan calculator offered by Paisabazaar.ae under the 'financial calculator' section on their official website. This tool functions in a similar manner, providing instant results for your convenience.

There are numerous benefits of using a personal loan calculator. Here are a few notable ones -

• Financial Planning: The calculator helps you plan your finances by providing an estimate of your monthly instalments.
• Loan Affordability: It gives an idea of how much you can afford to borrow based on your preferred loan tenure and repayment capability.
• Time-Saving: The tool saves time by providing quick results, eliminating the need for complex calculations.
• Comparative Analysis: You can compare different loan scenarios by adjusting the loan tenure and amount, helping you choose the most suitable loan option.
• Budgeting: Knowing your potential monthly instalment helps you budget effectively, ensuring that your loan repayment does not disrupt your overall financial planning.

By using a personal loan calculator, you can make informed decisions about your loan and make sure that it fits comfortably within your financial framework.

Mashreq Bank Personal Loan Calculator

How to Apply For Mashreq Bank Personal Loan?

Applying for a Mashreq Bank personal loan is a straightforward and user-friendly process through the Paisabazaar UAE platform. With an easy-to-navigate interface, Paisabazaar.ae streamlines the loan application process and saves you time and energy.

Visit the official website of Paisabazaar UAE and navigate to the personal loan section. You'll find a lead form - fill it out carefully and submit it. Once submitted, you'll be redirected to a page displaying personal loan quotes from various providers in the UAE.

Here, you can use the filter option to find Mashreq Bank personal loans. Once you find the loan that best fits your needs, simply hit the 'apply' button and follow the on-screen instructions to have your application submitted.

Applying for a Mashreq Bank personal loan through Paisabazaar.ae brings several benefits -

• Convenience: You can apply for a loan from the comfort of your home at any time.
• Comparison: Paisabazaar.ae allows you to compare various loan options from the leading providers in one place. This way, you can truly make an informed choice.
• Time-saving: With all the relevant details and application processes in one place, you can save considerable time in comparing and applying for a personal loan in UAE.
• Secure: Paisabazaar.ae is a safe and secure platform that protects your personal information.
• Customer Support: Paisabazaar UAE offers comprehensive customer support, assisting you throughout the application process.

Take a look at the next section of the article to learn more about the Mashreq Bank personal loan through some frequently asked questions.

FAQ's