Oumar Malik
Oumar Malik
Chief Financial Officer
Oumar Malik is the Chief Financial Officer of iNewkhusi.com, a top financial platform offering banking, loans, credit cards, and insurance. With deep financial expertise, Oumar is key in developing strategies for growth and effective management of financial products and services. Based in Al Hamriya, Dubai, Oumar provides valuable insights and innovative solutions to help individuals and businesses manage their finances.
Mashreq Bank is a bank in UAE that helps you meet your various financial needs through personal loans. Whether you need money for an important event or for your incidental expenses, a personal loan from Mashreq Bank can be a convenient option. The process of this loan is simple and fast, so you can get your loan quickly without any stress.
In this article, we will tell you how to get a personal loan from Mashreq Bank, what are the requirements, and what are the steps involved in the application process. Plus, we’ll also take a look at the key features and benefits of this loan, so you can easily decide whether it’s right for you. Stay here with us till the end.
What is Mashreq Bank Personal Loan?
Mashreq Bank Personal Loan is a type of unsecured loan, which means you do not need any asset or guarantee to avail it. This loan is given to you to meet various personal needs, such as marriage, travel, education, medical expenses or home renovation etc.
Mashreq Bank is known for its personal loan which comes with a variety of features. Here customers can choose the loan amount as per their need. To deposit the loan, EMI plans ranging from 3 months to 60 months are available. Which you can repay in monthly installments every month. The loan application process is very simple which you can complete online.
How many types of personal loans does Mashreq Bank offer?
Well, you all must be aware that Mashreq Bank provides many types of Personal Loans which you can avail as per your requirement. Information about five types of loans is given on its official website, which you can take in case of any need. Below I have explained all these loans, the information of which is as follows:
| Sr No | Mashreq Bank Personal Loan Types |
|---|---|
| 1 | Personal Loan for Existing Customers |
| 2 | Personal Loan for New Customers |
| 3 | NEO Credit Instant Loan |
| 4 | Debt Consolidation Loan |
| 5 | Top-up Loan For Existing Customers |
1. Personal Loan for Existing Customers
If you are an existing customer of Mashreq Bank, then you can get a personal loan from here for any of your needs. The main objective of this loan is to easily fulfill your personal needs. This loan can be used for education, marriage, medical treatment, travel or home repair etc.
It is very easy to take a personal loan from Mashreq Bank. Existing customers can avail this loan online in the fastest and simplest way. By applying online in just a few clicks, the loan can be approved in 5 minutes.
Key Features:
- Loan amount: Up to 20 times your salary, maximum AED 1 million
- Interest Rate: 5.99% to 31.99% for Expatriates and 5.99% to 12.99% for Emiratis
- First EMI moratorium: Up to 90 days
- Processing Fee: 1.05% of loan amount
- Early Repayment Fee: 1.05% of the settled amount or AED 10,500, whichever is lower
- Document: Valid Emirates ID
To know more about this loan, read our complete article.
Also Read : Mashreq Bank Personal Loan for Existing Customers
2. Personal Loan for New Customers
If you are a new customer of Mashreq Bank, you can avail a personal loan for any of your financial needs. Whether you need money for education, planning a vacation, or home renovation, a Personal Loan from Mashreq Bank is a great option to meet all your needs.
Mashreq personal loan offers instant online approval, allowing you to meet your needs within 5 minutes. You can get a loan up to 20 times your salary up to a maximum of AED 1 million. This loan is available at very low interest rates, and you can avail a tenure of 90 days for the first EMI.
Key Features:
- Loan amount: Up to 20 times your salary, maximum AED 1 million.
- Approval time: Instant online approval in 5 minutes.
- Interest rates: Low and competitive interest rates.
- First EMI: Delay up to 90 days.
- Eligibility: UAE residents , Minimum age 21 years, Minimum monthly salary AED 5,000.
Interest Rates:
- Expatriates: From 5.99% to 31.99%.
- Emiratis: From 5.99% to 12.99%.
To know more about this loan, read our complete article.
Also Read : Mashreq Bank Personal Loan for New Customers
3. NEO Credit Instant Loan
Mashreq Bank Neo Credit Loan is a quick and easy loan designed for UAE residents. This can be taken to meet emergency financial requirements.
Key Features:
- Loan amount: Up to AED 35,000
- Repayment period: 2 to 18 months
- Documents: No documents, only scan Emirates ID
- Salary transfer: not required
- Interest Rates: 19.49% to 29.49% per annum
- Application Process Time: 5 minutes
- Payment Method: Monthly Installments from Mashreq Account
Eligibility:
- Age: 21-60 years
- Resident: UAE Resident
- Minimum Salary: AED 5,000 (for approved company), AED 10,000 (for non-approved company)
- Good Credit History: Essential
- Bank Account: Active Mashreq Bank Account
Mashreq Bank Neo Credit Loan is an excellent option to meet your emergency financial needs quickly and easily.
To know more about this loan, read our complete article.
Also Read : Mashreq Bank Neo Credit Loan
4. Debt Consolidation Loan
Mashreq Debt Consolidation Loan helps you consolidate multiple debts into one, offering lower monthly installments and interest rates, with a 90-day deferment for the first installment.
Key Features:
- Lower Monthly Installments: Easier on your budget.
- Lower Interest Rates: Save on overall interest.
- 90-Day Deferment: Delayed first installment.
- Single Installment: Simplifies financial management.
Eligibility:
Min. monthly salary AED 5,000 (approved companies) or AED 10,000 (non-approved companies); 6 months job tenure.
Benefits:
- Improved financial management
- Better lifestyle with more disposable income
- Zero-balance current account, debit card, and check book
To know more about this loan, read our complete article.
Also Read : Mashreq Debt Consolidation Loan
5. Top-up Loan For Existing Customers
Mashreq Bank’s Top-up Loan is for existing customers who are in sudden need of money.
You can avail this loan with online approval in just 5 minutes and this loan provides the facility to increase your existing loan limit. Let us know about this loan in detail:
Key Features:
1. Loan amount: Up to 20 times your salary, maximum AED 1 million.
2. Interest Rates: Low interest rates.
3. First EMI: Postponed for up to 90 days.
5. Loan Tenure: Maximum 48 months.
6. Processing Fee: 1.05% of the loan amount.
Eligibility:
- Monthly Salary: AED 5,000 for approved companies, AED 10,000 for others.
- Must have a pre-existing loan.
- Valid Emirates ID.
To know more about this loan, read our complete article.
Also Read : Mashreq Bank Top-up Loan For Existing Customers
Which Loan of Mashreq Bank would be right to take?
I have given information in the table below about which loan will be right to take from Mashreq Bank, where information about loan type, loan amount, interest rates, loan tenure, processing fee, eligibility and features of this loan is given here so that you can understand it. You will be able to decide which loan will be suitable for you.
| Loan Type | Loan Amount | Interest Rates | Loan Period | Processing Fees | Qualification | Features |
|---|---|---|---|---|---|---|
| Personal Loan | Amount as per the credit profile of the customer. | General Interest Rates | Maximum 48 months | Generally low fees | Permanent employment, good credit score | Features of normal loan: Processing may be slow. |
| Personal Loan for Existing Customers | Amount as per the credit profile of the customer. | General or special interest rates | Maximum 48 months | Low or no fees | Existing Customers, Permanent Employment | Easy and fast process if you are already a customer. |
| Personal Loan for New Customers | Amount as per the credit profile of the customer. | General Interest Rates | Maximum 48 months | Maximum Processing Fee | Strict qualifications for new customers | Processing time may be longer for new customers. |
| NEO Credit Instant Loan | From minimum amount to maximum amount. | General Interest Rates | At least 1 year | Low or no fees | Digital Identity and Credit Score | Instant approval, digital process, suitable for small loans. |
| Debt Consolidation Loan | Sufficient amount to cover all debts. | General or special interest rates | Maximum 48 months | Generally low fees | It is necessary to have various debts | Consolidating all debts into one loan, single EMI. |
| Top-up Loan For Existing Customers | The existing loan amount can be increased. | General or special interest rates | Maximum 48 months | 1.05% | Must have an existing loan, good credit score | Increasing existing loan limits, quick and easy process. |
I hope you have understood from the above table which loan will be better for you, I have given some information in the points below which will help you to guess which loan will benefit you in which situation.
1. Personal Loan: If you are a new customer and want to take a loan for a long time then this can be a good option.
2. Personal Loan for Existing Customers: If you are already a customer and need a quick loan then this can be a better option.
3. Personal Loan for New Customers: For new customers, if you want to take a loan for a longer period.
4. NEO Credit Instant Loan : For small and quick loans, especially if you need money immediately.
5. Debt Consolidation Loan : This is suitable if you want to consolidate multiple debts into one.
6. Top-up Loan For Existing Customers : If you already have a loan and want to increase its amount, then this will be good.
Depending on your individual needs and current situation, you can select the suitable loan option.
Pros Cons of Mashreq Bank Loan
If you want to take a personal loan from Mashreq Bank, then looking at the types of loans, I have given information about the advantages and disadvantages of all of them in the table below, which is as follows:
Here is the table with the requested benefits and disadvantages:
| Loan Type | Benefits | Disadvantages |
|---|---|---|
| Personal Loan | ● Various amount options ● Long term ● Simple interest rates. | ● Processing time may be longer ● Higher interest rates may occur. |
| Personal Loan for Existing Customers | ● Fast processing ● Special interest rates ● Easy approval. | ● Available to existing customers only ● Some conditions may apply. |
| Personal Loan for New Customers | ● General Loan Facilities ● Opportunities for new customers. | ● Long processing time ● Strict eligibility criteria. |
| NEO Credit Instant Loan | ● Quick approval ● Digital processing ● Received in less time. | ● Limited loan amount ● May have higher interest rates. |
| Debt Consolidation Loan | ● Consolidation of all debts into one loan ● Single EMI ● Low interest rates. | ● Only for existing loans ● Loan amount may be limited. |
| Top-up Loan For Existing Customers | ● Increasing existing loan limit ● Faster processing ● Lower processing fees. | ● Only for existing loan holders ● Minimum loan limit conditions. |
This table will help you understand the advantages and disadvantages of different loan types and decide which loan is best suited for you.
Conclusion
If you are a new customer and looking for a long term loan, then Personal Loan can be a good option. If you are an existing customer and need a fast loan, then Personal Loan for Existing Customers or Top-up Loan For Existing Customers may be a better option. If you need a quick loan and need a small amount, NEO Credit Instant Loan may be suitable. If you want to consolidate multiple debts, Debt Consolidation Loan would be the best option. Select the appropriate loan based on the situation and requirements. I hope this information would have been very important for you. If you want to ask us any kind of question, then comment below, you will get the reply within 2 hours.