• Mashreq Bank Personal Loan Eligibility

    Mashreq Bank Personal Loan Eligibility

    Among the many loans offered by Mashreq Bank are personal loans that come in a wide variety of forms that are meant to suit the various needs of various customers. These loans can either be an expatriate loan or a salary transfer loan or even a buy out or a debt consolidation loan. These loans offer features like top up facilities and even a special loan meant especially for pensioners. The repayment tenures for these loans can range from 48 to 60 months depending on the employment. The loan amount itself can be as high as AED 1 million and come with very competitive interest rates.

    Mashreq Bank Personal Loan Eligibility Criteria

    Before one can avail these loans, there are certain basic eligibility criteria that need to be met. They may differ for each of the versions of the loan but the basic conditions are:

    • The applicant must either be a resident of the UAE or an expatriate.
    • Expatriates need to have a valid residence visa for the UAE.
    • The minimum monthly salary needs to be AED 5,000 for expatriates and AED 15,000 for UAE nationals.
    • The employers need to be on the bank's approved list.
    • In case of expatriates, a minimum service of 6 months or a confirmation letter from the current employer is needed.

    Factors affecting Mashreq Bank Personal Loan Eligibility

    If you intend to take a loan then here are some things that could affect your eligibility for one.

    • Having a minimum income below the amount stipulated by the bank.
    • Borrowing an amount, the repayments of which are more than 50% of the monthly salary.
    • Not having worked with the employer for 6 months or having a confirmation letter for employment.
    • Invalid or expired documents.

    How to increase Mashreq Bank Personal Loan Eligibility

    In order to ensure that you are as eligible for the personal loan as possible you can follow these steps.

    • Ensure that whatever amount you borrow, the monthly instalments don’t exceed 50% of your monthly salary.
    • For some loans the salary needs to be transferred to Mashreq bank so you can get that done in advance.
    • Ensure all copies and originals of all the documents required are available.
    • Ensure that you apply for the loan that applies to you the most because applying for the wrong one can damage chances of approval.

    FAQ - Mashreq Bank Personal Loan Eligibility

    1. Who can take these loans?
    2. These loans are available to all UAE nationals and expats who meet the bank’s eligibility criteria.

    3. Is the minimum income requirement the same for all loans?
    4. Yes it is differed for each type of personal loan offered by Mashreq Bank.

    5. Can I take this loan if I am new to the country?
    6. Yes. The bank does provide a loan of up to AED 150,000 for those who are new to the country.

    Other Products from Mashreq bank

    Mashreq Bank Personal Loan

    Mashreq Bank Credit Cards

    Mashreq Car Loan

    Mashreq Home Loan

    Mashreq Fixed Deposit

    Personal Loan Eligiblity for Top Banks
    Personal Loans Interest Rates from Top Banks
    Personal Loans from Top Banks
    Personal Loan Eligiblity for Banks
    Personal Loans in UAE
    Personal Loan Tools
  • Contact Us on Mail
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.