Mashreq Bank Cashin Car Loan Apply Now (Easy Process UAE 2024)

Buying a new car has now become even easier. Mashreq Bank has launched Cashin Car Loan, which is a digital loan and provides an opportunity to buy a car. This loan can be easily applied online and received directly in your bank account with instant approval. Is.

In this post, the complete step by step process of taking Mashreq Bank Cashin Car Loan, the main features of this loan, benefits, eligibility criteria, necessary documents, what are the things to be kept in mind while taking the loan, how will it be to take the loan, everything has been told, so you can read our article. Stay here till the end.

What is Mashreq Bank Cashin Car Loan?

Cashin Car Loan from Mashreq Bank is a digital car loan that completely reinvents the way you buy a car. This loan provides you with quick and easy online approval, so you can buy your favorite car in no time.

Under this, you not only get low interest rates and repayment tenure of up to 60 months, but you can also get cash pay orders in the name of your car dealer. This gives you better negotiating power while buying a car and helps you get your dream car more easily.

Mashreq Bank Cashin Car Loan Highlights 

Mashreq Bank’s Cashin Car Loan is a digital loan that gets approved instantly upon online application. You can get an amount of AED 100,000 to AED 500,000 for this loan with interest rates ranging from a flat 3.19% and up to 5.99% with reducing balance. The repayment tenure is up to 60 months and to avail this you need a valid passport and Emirates ID. The loan amount is given in the form of cash pay order in the name of the car dealer.

The details of Mashreq Bank Cashin Car Loan are as follows: 

Features	Info
Loan Name	Cashin Car Loan
Type of Loan	Digital Car Loan
Approval Process	Instant Online Approval
Interest Rate	3.19% per annum (flat) – same decreasing balance rate 5.99%
Repayment Period	Up to 60 months
Cash Pay Order	Get it in the name of the car dealer.
Maximum Loan Amount	AED 500,000
Minimum Loan Amount	AED 100,000
Required Documents	Valid Passport, Valid Emirates ID
Minimum Wage	AED 7,000
Company Approval	Not required for approved companies.
Employee Status	‘Confirmed’ employee or with 6 months or more service in the present company.
Loan Approval Time	In minutes
Lack of Document	Minimum required documents
Application Process	Apply Online, Fill Details, Upload Emirates ID
After Loan Approval	Hand over the cash pay order to the car dealer and receive the car.
Loan Disbursement Time	Within 10 working days of acceptance of application form and required documents.
Required Documents	– Valid Passport – Valid Emirates ID
Cash Pay Order	Yes, in the name of the car dealer.
Salary Transfer	Avail loan from AmShares salary transfer account only.
Annual Percentage Rate (APR)	7.75%* (Interest Rate + Fees & Charges)
Processing Fees	1.05% of the loan amount.
Partial or Pre-settlement	1.05% of principal loan outstanding or AED 10,000, whichever is less.
Final Payment	Full loan amount along with interest and charges.
Terms of Salary Transfer	Transferring salary to AmaShares account till full repayment of loan.
General Charges	– Late payment fee: 2% on late amount – Postponement fee: AED 105 per postponement.

Mashreq Bank Cashin Car Loan Benefits and Key Features

Mashreq Bank’s Cashin Car Loan is an easy and fastest loan with the help of which you can buy a new car. This loan is completely online, which means that you do not even need to go to your nearest branch to avail this loan. This loan gets approved immediately.

The biggest feature of this loan is that you can take the loan at low interest and can repay it for a long time. Additionally, you get a pay order instead of cash to buy a car, giving you the convenience of paying directly from the car dealer. 

The benefits and features of Cashin Car Loan from Mashreq Bank are as follows: 

1. quick approval: When you apply online, your loan gets approved quickly. With this, you get money quickly and there is no delay in purchasing your car.

2. Low Interest Rates: This loan has very low interest rates, starting from 3.19%. This means that you will have to pay less extra money while repaying the loan.

3. Long repayment tenure: You can repay this loan for up to 60 months. This means that you can pay installments over a longer period as per your convenience.

4. Cash Pay Order: The loan amount is received directly by the car dealer in the form of a pay order. With this, you do not need to pay the money yourself and the transaction with the dealer becomes easier.

5. Simple application process: All you need to apply for the loan is a passport and Emirates ID. The process is very simple and straightforward.

6. Less Documents: You do not need to collect a lot of documents for the loan. Less documentation makes it much easier to apply.

7. Online Facility: You can do the entire process online. This saves time and you do not need to go to the bank branch.

8. Direct money facility: The loan money is sent directly to the car dealer, allowing you to pay off the car price quickly and negotiate the deal directly with the dealer.

9. Easy processing: Loan processing is very quick, so you get the money quickly and you can complete your car buying plan quickly.

10. Easy Repayment: This loan can be easily repaid over a long period. This reduces your monthly installments and you can repay the loan easily.

Eligibility Criteria

To apply for Mashreq Bank Cashin Car Loan you need to meet the following eligibility criteria:

1. Age Limit: The age of the applicant should be between 21 to 65 years.

2. Permanent Residence: It is mandatory to have permanent residence in UAE.

3. Minimum income limit: Applicant must have a minimum monthly income of AED 5,000.

4. Job status: The applicant should have a stable job and a regular salary.

Needed

5. Credit Score: It is essential to have a good credit score, which should usually be 600 or above.

6. Bank Account: Applicant must have an active bank account in UAE.

7. Deposit: Some banks may require a down payment or deposit.

8. Loan History: There should not be any bad loan history in the past.

Required Documents

The following documents will be required to apply for CashIn Car Loan:

1. valid passport
2. Valid Emirates ID

Keep these documents ready while applying so that the process can be completed faster.

How to Apply for Cashin Car Loan

Applying for a Cashin Car Loan is very easy. First, apply online by visiting the Mashreq website, where you will be required to fill in your mobile number and passport number and upload your Emirates ID. Loan approval will be received within a few minutes of application. Once approved, you can receive the cash pay order in the name of your preferred car dealer. For this you will have to submit necessary documents like valid passport and Emirates ID. Then, place the cash pay order at your dealer and complete the purchase of your new car.

The easy process to apply for a Cashin Car Loan is as follows: 

1. Apply Online: Visit Mashreq website and click on “Apply Now” button. Fill in your basic information like mobile number and passport number there and upload your Emirates ID.

2. View Loan Offer: After application, you will get a loan offer. Look at it carefully and understand.

3. Accept the offer: If you like the offer, accept it and start looking for the car of your choice.

4. Open a Repayment Account: Open a repayment account with Mashreq to easily repay the loan installments.

5. Submit Documents: Submit the required documents like valid passport and Emirates ID.

6. Receive a cash pay order: Once the loan is approved, you will receive a cash pay order. Give it to your car dealer.

7. Buy a car: You can buy your new car by placing an order on cash payment and then you can come to your home.

This way you can use this loan to buy a new car.

Mashreq Bank CashIn Car Loan Interest rate,Loan Amount, Tenure

Mashreq’s CashIn Car Loan gives you a loan of up to AED 5,00,000, which you can repay for up to 60 months. Interest rates on this loan start from 3.19% per annum, which comes down to 5.99%. These convenient interest rates help keep your monthly payments low and easy to manage, giving you a cheaper and easier option for your vehicle purchase.

1. Loan Amount: Mashreq offers car loans up to AED 500,000. This amount is determined based on your individual eligibility and financial profile.

2. Tenure: The repayment period for the CashIn Car Loan extends up to 60 months (5 years), allowing you to manage your payments comfortably over a longer duration.

3. Interest Rate: The interest rates start at 3.19% per annum (flat), which equates to an effective reducing rate of 5.99%. This competitive rate provides a cost-effective financing option for purchasing your vehicle.

Fees and Charges 

Mashreq’s CashIn Car Loan offers competitive terms, but it’s important to understand the associated fees and charges. These include interest rates, processing fees, and additional costs for early settlement, late payments, and other services. Below is a detailed breakdown of these charges.

Fee Type	Details
Interest Rate	Reducing rate: 5.99% to 9.99% (Equivalent reducing rate: 7.75%*)
Processing Fee	1.05% of the loan amount
Early Settlement Fee	1.05% of principal loan outstanding or AED 10,000 (whichever is lower)
Moratorium Interest	Interest accrued during the period extended from loan disbursal up to the first EMI date; added to settlement amount if early closure occurs
Postponement Fee	AED 105 per postponement (including VAT)
Late Payment Fee	2% of the delayed installment amount (Min AED 52.50, Max AED 210)
Late Payment Fee (LPF)	Min LPF: AED 50 (VAT AED 2.50), Max LPF: AED 200 (VAT AED 10)
Cooling-Off Period	You may withdraw or cancel your loan application within 5 business days of signing without penalty. Costs incurred before cancellation are your responsibility.

Pros and Cons of CashIn Car Loan by Mashreq Bank 

CashIn Car Loan by Mashreq Bank gives you very fast online loan approval. It offers low interest rates and repayment facility of up to 60 months. You can use cash pay order to get a good deal with the car dealer. The documentation is minimal and the application process is also easy.

If you delay in repaying the loan installment, you may have to pay additional charges. There are some fees for early payment also. Moreover, if you do not transfer your salary to Mashreq Bank, you may have to face penalties.

Pros:

• Instant Approval: Get your car loan approved online in minutes.
• Competitive Interest Rates: Starting at 3.19% p.a. flat (equivalent reducing rate 5.99%).
• Flexible Tenure: Repayment tenure up to 60 months.
• Power of Negotiation: Receive a cash pay order to negotiate better deals with car dealers.
• Easy Documentation: Minimal required documents and straightforward application process.
• No Company Approval Needed: Eligibility not restricted to employees of approved companies.

Cons:

• Higher Interest Rates for Some: Interest rates may vary and could be higher for certain applicants.
• Late Payment Fees: Charges of up to 2% of the delayed amount plus VAT.
• Early Settlement Fee: 1.05% of the outstanding principal or AED 10,000, whichever is lower.
• Moratorium Interest: Additional interest accrued during any deferral period.
• Stringent Conditions for Salary Transfer: Requires continuous salary transfer to Mashreq, with penalties for non-compliance.

Comparison with Other Loan Options

Compared to CashIn Car Loan, other loan options like personal loans or credit card loans usually offer higher interest rates and shorter tenures. Personal loans generally have higher interest rates and documentation requirements, while credit card loans have higher interest rates and shorter tenures. The convenience of CashIn Car Loan is that it comes with quick approval, low interest rates, and long repayment tenure, making it easy to buy a car.

Feature	CashIn Car Loan by Mashreq	Revolving Overdraft	Personal Loan	Credit Card
Approval Time	Instant online approval	Varies, often quick	Varies, generally longer	Immediate for smaller limits
Interest Rate	From 3.19% p.a. flat	Higher rates for short-term	Higher rates, up to 48 months	Typically high rates
Repayment Tenure	Up to 60 months	Short-term, varies	Up to 48 months	Short-term, variable
Documentation	Minimal, basic documents	Less documentation needed	More comprehensive	Basic identification
Early Settlement Fee	1.05% or AED 10,000	Not applicable	1.05% of outstanding amount	Not applicable
Late Payment Fee	2% of delayed amount + VAT	Variable	Higher fees	Typically higher fees
Power of Negotiation	Cash pay order provided	Not applicable	Not applicable	Not applicable

Please Note: Choosing the right car loan depends on your specific needs and financial situation. The CashIn Car Loan by Mashreq offers competitive rates and easy approval, making it a strong option for many buyers, especially those looking to leverage cash for negotiation.

What things should you keep in mind while taking a car loan in UAE? 

Keep the following things in mind while taking a car loan in UAE

1. Interest Rate: Interest rates may vary from bank to bank, so look for the lowest rate.

2. Loan amount: Make sure the amount you can borrow is within your budget.

3. Repayment period: Keep in mind the tenure of the loan and decide in how much time you can repay the installments.

4. Documents: Keep the necessary documents ready, such as passport, Emirates ID, and salary slip.

5. Processing Fees and Other Charges: Know the additional charges and processing fees associated with the loan.

6. Bank Terms: Read the terms and conditions of the loan carefully, especially the penalties applicable for late payment.

7. Receipt of money and approval time: Know the time of loan approval and receipt of money.

8. Salary Transfer: If there is a condition for salary transfer, make sure you can fulfill it.

FAQs: CashIn Car Loan

Conclusion 

Mashreq CashIn Car Loan is an advanced and easy way through which you can buy a car. You get instant online approval, and interest rates start from 3.19% per annum, while the repayment period is up to 60 months. With this loan, you get a cash pay order in the name of your car dealer, allowing you to negotiate better. To qualify you must have a minimum monthly salary of AED 7,000, and you can apply online by providing basic documents such as your passport and Emirates ID. The loan process is fast, and funds are released within 10 working days of approval, with a 5-day cooling-off period in which the application can be canceled without penalty. Keep in mind that this includes fees like 1.05% processing fee and 2% late payment fee. This car loan is ideal for those looking for a flexible and effective financing solution for their car purchase.