Imagine suddenly needing money for an unexpected expense, planning a dream vacation, or paying off your debts. Life can surprise us, and these surprises often cost money. This is when a personal loan can help by quickly providing the funds you need.
Mashreq Bank, one of the top banks in the UAE, offers personal loans to help you manage these financial needs easily and efficiently. This guide will explain everything you need to know about Mashreq Bank personal loan in UAE, including who can apply, how to apply, the benefits, and common questions.
What is a Personal Loan in UAE?
A personal loan in the UAE is money from a bank or financial entity for different needs, like home renovations, weddings, medical emergencies, or travel. It is an unsecured loan, meaning you don’t need to put up any collateral, like a house or car, to get it.
Best Mashreq Bank Personal Loan in UAE
Mentioned below are the best Mashreq Bank personal loan in UAE:
1. Personal Loan For Existing Customers:
Features:
- Loan Amount: Up to 20x your salary, maximum AED 1 million.
- Interest Rate: Starting from 2.99% per annum
- Repayment Term: 3 to 60 months
- Approval: Instant online approval in 5 minutes.
- First Installment: Deferral period of up to 90 days.
- Documentation: Easy documentation via Mashreq salary transfer account to get your loan.
Eligibility:
- Minimum monthly salary: AED 5,000 for approved companies, AED 10,000 for unapproved companies.
- Employment term: Confirmed employee or 6+ months with the current employer.
Required Documents:
- Valid Emirates ID, passport, salary certificate, and bank statements.
How to Apply?
- Visit this URL
- Click “Apply now in a few clicks”.
- Enter your mobile number, email address, and seller ID.
- Click “Send”.
- They will send an OTP to your mobile number. Enter the OTP and follow the instructions on the screen to apply for the loan.
- Once it’s approved, the bank authorities will get in touch with you.
2. Personal Loan For New Customers:
Features:
- Loan Amount: Up to 20x your salary, maximum AED 1 million.
- Interest Rate: Starting from 2.99% per annum.
- Repayment Term: 3 to 60 months
- Approval: Instant online approval in 5 minutes.
- First Installment: Deferral period of up to 90 days.
- Documentation: Easy documentation via Mashreq salary transfer account to get your loan.
Eligibility:
- Minimum salary per month: AED 5,000 for approved companies, AED 10,000 for unapproved companies.
- Employment term: Confirmed employee or 6+ months with the current employer.
Required Documents:
- Valid passport, Emirates ID, salary certificate, and bank statements.
How to Apply?
- Visit this URL
- Click “Apply now in a few clicks”.
- Enter your mobile number, email address, and seller ID to get the offer.
- They will send an OTP to your registered mobile number and similarly follow the instructions on the screen to get the loan offer.
- After you get the offer, upload the documents, such as a salary transfer letter, security cheque, passport & visa copy, to help the bank authenticate your verification.
- After all the formalities are done, the bank authorities will get in touch with you for further steps.
3. Neo Credit Instant Loan:
Features:
- Loan Amount: Up to AED 35,000
- Interest Rate: Starting from 19.49% per annum
- Repayment Term: Up to 2 – 18 months.
- Approval: 5 minutes online approval process.
- Documentation: Zero documentation
- Benefits: No documentation or branch visits are required, personalised interest rates are needed, and no salary transfer is required.
Eligibility:
- Minimum monthly salary: AED 5,000.
Required Documents:
- Valid passport, Emirates ID, salary certificate, and bank statements.
How to Apply?
- Visit this URL
- Click “Apply”.
- Click “Get offer”. Enter your mobile number, email address, and seller ID.
- They will send an OTP to your mobile number. Similarly, follow the instructions on the screen to receive the loan offer.
- After you get the offer, upload the documents, such as a salary transfer letter, security cheque, passport & visa copy, to help the bank authenticate your verification.
- After all the formalities are done, the bank authorities will get in touch with you for further steps.
4. Mashreq Debt Consolidation Loan:
Features:
- Loan Amount: Up to AED 1,500,000
- Interest Rate: Starting from 2.99% per annum.
- Repayment Term: 3 to 60 months
- Approval: Quick approval process.
- First Installment: Deferred payment period of up to 90 days.
- Benefits: lower monthly payments, increased disposable income, etc.
Eligibility:
- Minimum salary per month: AED 5,000 for approved companies, AED 10,000 for unapproved companies.
- Must be a confirmed employee or have a service length of 6+ months with the current employer.
Required Documents:
- Valid Emirates ID, passport with UAE residence visa, employer salary transfer letter, or salary certificate for government/semi-government employees.
How to Apply?
- Visit this URL
- Click “Apply now in a few clicks”.
- Enter your mobile number, email address, and seller ID to get the offer.
- They will send an OTP to your registered mobile number and similarly follow the instructions on the screen to get the loan offer.
- After you get the offer, upload the documents, such as a salary transfer letter, security cheque, passport & visa copy, to help the bank authenticate your verification.
- After all the formalities are done, the bank authorities will get in touch with you for further steps.
How to Apply For a Mashreq Bank Personal Loan in UAE?
To apply for a Mashreq Bank personal loan in UAE, you can simply click “apply now,” as shown in the table below:
| Loan Type | Click to Apply |
| Personal Loan For Existing Customers | Apply Now |
| Personal Loan For New Customers | Apply Now |
| Neo Credit Instant Loan | Apply Now |
| Mashreq Debt Consolidation Loan | Apply Now |
Mashreq Bank Personal Loan Eligibility:
To apply for a Mashreq bank personal loan, you must meet the following eligibility requirements:
- Age: Applicants should be of 21 to 60 years old.
- Employment: Must be employed with a minimum monthly salary of AED 5,000 to 7,000.
- Residency: UAE residents and expatriates are eligible.
- Credit History: A reasonable credit score is preferred for approval.
- Employment: Should be in service for more than 6 months with current employer.
- Instalment: Your loan instalment, along with your other monthly payments, should be at most 50% of your monthly salary.
Mashreq Bank Personal Loan Requirements:
Make sure you have the following documents ready when applying for a Mashreq Bank personal loan:
- Emirates ID: For identity verification.
- Passport and Visa: For expatriates.
- Salary Certificate: From your employer.
- Salary Transfer Letter: From your employer
- Bank Statements: Typically for the last three to six months.
- Address Proof: Utility bills or tenancy contract
Note: These are the basic documents required for every personal loan in the UAE. The bank may ask for additional documents. This may vary depending on the bank and loan type.
Mashreq Bank Personal Loan Interest Rate:
The interest rate from Mashreq Bank personal loan starts from 2.99% to 36% per annum with a repayment tenure of 3 months to 60 months.
Mashreq Bank Personal Loan Minimum Salary:
To get a Mashreq Bank personal loan, you must earn at least AED 5,000 monthly. This ensures that you can easily pay back the loan.
Mashreq Bank Personal Loan Calculator
Mashreq Bank has a personal loan calculator on their website. This tool helps you figure out your monthly payments depending on the amount of loan you take up, interest rate, and repayment period you choose. It’s a handy way to see your repayments before you apply.
How to Use the Mashreq Bank Personal Loan Calculator?
Using the Mashreq Bank personal loan calculator is easy. Follow these steps:
- Visit the Website: Go to the personal loan section of the Mashreq Bank website.
- Find the Calculator: Scroll down and look for the personal loan calculator tool.
- Enter Loan Amount: Type in the amount you want to borrow.
- Select Interest Rate: Choose the interest rate or use the default rate
- Choose Repayment Period: Select the number of months you want to repay the loan, and then you can see the monthly interest on the right side of the screen.
Mashreq Bank Personal Loan Contact Number:
If you still have doubts and need clarification, contact Mashreq bank advisors at +971 4 4244444 (Dubai) or +971 2 6274737 (Abu Dhabi).
Final Takeaway:
So that was everything you needed to know on applying for a Mashreq Bank personal loan. Mashreq Bank personal loan in UAE are a reliable and flexible way to meet your financial needs. They offer good interest rates, an easy application process, and many benefits. It’s a good choice for anyone wanting to manage their money better. Make sure you meet the eligibility criteria and have all the necessary documents ready for a smooth application. For more details, visit the Mashreq Bank Personal Loans page.
Are you wondering about the Mashreq Bank Swift codes? Check out our guide to find all the Swift codes for this bank.
Frequently Asked Questions (FAQs):
Q. What is the Minimum Salary for a Mashreq Bank Loan?
To get a Mashreq Bank loan, you need a minimum monthly salary of AED 5,000 if you work for an approved company. If you work for an unapproved company, the minimum monthly salary is AED 10,000.
Q. Do I Need to Transfer My Salary to Get a Mashreq Personal Loan?
Yes, transferring your salary to Mashreq Bank is needed to get a personal loan from them.
Q. With a Mashreq Personal Loan, How Much Can I Borrow?
A Mashreq Personal Loan allows you to borrow up to 20 times your salary, up to a maximum of AED 1 million.
Q. What Interest Rates Do I Pay on Mashreq Personal Loans?
Mashreq Bank offers competitive interest rates on personal loans, which are charged on a reduced balance. For more details, please contact a bank representative.
Q. What Are the Other Benefits of Availing a Mashreq Personal Loan?
- You will receive a zero-balance current account for AED 25,000 or more personal loans, a debit card, and a chequebook.
- Get access to a broad network of ATMs and branches across the UAE.
- You will have access to award-winning online and mobile banking services.
- You can use the instalment deferment option.
