Mashreq Personal Loan Eligibility - Minimum Salary, Age, Salary Transfer
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Details on Personal Loan Eligibility at Mashreq
Advantages
- Flexible tenure
- Quick processing
- High finance
Features
- Length of service should be minimum 6 months
- Need to provide salary transfer letter in Mashreq format
- Only Expats can apply for this scheme
Features
- Length of service should be minimum 6 months
- Need to provide salary transfer letter in Mashreq format
- Only Expats can apply for this scheme
- The loan is provided for a interest rate of 6.49%
- Minimum salary of AED 7,000 is required for an approved company. For non-listed companies, AED 10,000 is required.
- The reduction rate and the flat rate is 6.49% and 3.57%. This denotes that the computation done was a division of the reduction rate by 1.814
- It is mandatory to transfer your salary to apply for this scheme
- Finance up to AED 1,000,000
- Early settlement fee is 1.05% of finance amount
- Arrangement fee is 1.05% of loan amount
Benefits
- Applicants can get up to AED 1,000,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme
- Credit Card, Cheque book and debit card is provided free along with this scheme
- Applicants can get finance for non-listed companies in UAE too
Explore
Hide ExploreAdvantages
- High loan amount
- Simple documentation
- Can avail top-up facility
Benefits
- Applicants can get up to AED 3,000,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme
Benefits
- Applicants can get up to AED 3,000,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme
- Availability of Islamic Finance option
Benefits
- Applicants can get up to AED 1,500,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme
Benefits
- Applicants can get up to AED 1,500,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme
- Availability of Islamic Finance option
- Applicants from non-listed companies are also eligible
Features
- Must be a UAE national to apply for this scheme
- The reduction rate and the flat rate is 6.49% and 3.57%. This denotes that the computation done was a division of the reduction rate by 1.814
- The loan is provided for a interest rate of 6.49%
Features
- Must be a UAE national to apply for this scheme
- The loan is provided for a interest rate of 6.49%
- Minimum salary of AED 10,000 is required
- The reduction rate and the flat rate is 6.49% and 3.57%. This denotes that the computation done was a division of the reduction rate by 1.814
- Pension salary transfer is mandatory
- Finance up to AED 1,000,000
- Early settlement fee is 1% of finance amount
- Arrangement fee is 1% of loan amount
Benefits
- Applicants can get up to AED 1,000,000 loan amount
- Documentation is simple and easy
- There is low salary requirement and long repayment period along with this scheme
- Guarantors are not needed to apply for this loan
- Cheque book and debit card is provided free along with this scheme
Mashreq Bank
Mashreq Bank provides personal for UAE residents with low-interest rates and hassle-free documentation. It provides personal loans to the people New to UAE/New to Employment, to pensioners and various kinds of personal loans.
Eligibility criteria for Mashreq Bank
Personal loan for UAE Nationals
- Minimum salary of AED 10,000 is required
- Only UAE Nationals are eligible
- Only salaried individuals are eligible
- Company must be listed with the bank
Personal loan for Expats
- Minimum salary of AED 5000 is required
- Only Expats are eligible
- Salary transfer is mandatory
Personal loan for New to UAE/New to employment
- Minimum salary of AED 7000 is required
- Salary transfer is required
- Company must be listed with the bank
Personal loan for pensioners
- Monthly income of AED 10,000 is required
- Only UAE Nationals are eligible
- Monthly pension must be transferred to Mashreq account
Personal loan for expats without salary transfer
- Minimum salary of AED 7000 is required
- Minimum 12 months of service at work
- Only Expats are eligible
What influences Eligibility?
- Credit history- Your previous or existing loans and credit cards can affect your current loan approval. Low credit score applications can be rejected.
- Debt to Burden Ratio- DBR should be maintained low i.e below 50% is preferred by the banks to approve the loan.
- Monthly income- If your monthly income is less than the requirement, then the bank doesn’t approve your loan.
- Documents- Documents like Salary certificate, Passport, Emirates ID, Trade license (If Self employed) are mandatory.
1. Salary Certificate- Salary Certificate is a mandatory document for any kind of finance as it is a proof of your work and an employment in a company. Bank can ask for a salary certificate or salary certificate letter.
2. Emirates ID- Emirates ID is a proof to confirm your identity. Without Emirates ID banks do not approve the loan.
3. Trade License- For the self-employed individuals trade license is a mandatory document.
Tips to improve the chances of loan approval
- Make sure you meet the age limit.
- Pay your current loans or credit card bills on time so that it won’t disturb your credit score.
- Maintain all the required mandatory documents.
- Don’t take more than required finance.
- It is preferable to go for maximum tenures.
FAQs
⭐ I’m an expat, what is the minimum length of service is required?
A. A minimum 6 months of duration at work is required or “Confirmed” letter from the employer should be provided.
⭐ Is salary transfer mandatory for expats?
A. Yes, the salary transfer is mandatory. If you cannot transfer your salary then you can go for Non-Salary transfer loan.
⭐ What is the maximum tenure provided?
A. Maximum tenure of 48 months is provided.
⭐ What is the maximum loan amount provided for Emiratis?
A. Emiratis can get a maximum loan of AED 1 million.
⭐ For No salary transfer loan, what is the maximum finance provided?
A. On No salary transfer loan, maximum finance of AED 1,50,000 is provided.
⭐ I’m 65 years old. Do I get a personal loan?
A. Yes, Mashreq bank providesPersonal Loan for Pensioners.
⭐ What additional benefits I can get on the approval of personal loan?
A. A personal loan holder can maintain a zero balance account.
Check the list of Mashreq Personal loans.