• Mashreq Bank Personal Loan Interest Rates

    Mashreq Bank Personal Loan
    Interest Rate Interest rates are linked to Mashreq Prime Rate (MPR), a reference rate for retail lending products as listed below:
    AED MPR 6.25%
    USD MPR 2.83%
    GBP MPR 3.007%
    EURO MPR 2.55%
    Maximum Loan Amount
      • Emirates

    Maximum: AED 1 million (minimum monthly salary required is AED 15,000)

      • Expatriates

    Maximum: AED 1 million (minimum monthly salary of AED 5,000)

    Maximum: AED 200,000 (No Salary transfer loan to expatriates with a minimum monthly salary of AED 7,000)

      • New to Employer scheme

    Maximum: AED 150,000 (minimum monthly salary of AED 7000)

      • Debt Consolidation

    Maximum: AED 1 million (minimum monthly salary of AED 5,000)

      • Emirati Pensioners

    Maximum: up to 20 income multiples (minimum income of AED 15,000)

    Loan Tenure 48 months
    Loan Top-up fee 1% of the top up amount
    Loan rescheduling fee AED 250
    Loan cancellation fee AED 100
    Processing Fee

    1% of the loan amount

    Minimum: AED 500

    Maximum: AED 2500

    Overview of Mashreq Bank Personal Loan Interest Rates

    Mashreq is one of the leading banking and financial services organisation since 1967. Mashreq offers a wide range of products and services such as foreign exchange solutions, SME Insurance, cash banking and investment banking among many others. Mashreq offers personal finance products as well. Personal loans offered by Mashreq are offered to Emiratis and expats in the UAE. From education and vacations to renovation of homes and weddings, personal loans offered by Mashreq can be used for any financial requirement. Mashreq also offers a ‘no salary transfer’ personal loan to salaried expatriates.

    How to calculate EMI on Mashreq Bank Personal Loan Interest Rates

    EMI is calculated on the basis of the total loan amount, tenure, annual interest rate and first due date. The first due date of EMI repayment is linked to the salary credit date of a customer and should, therefore, be paid within 60 days of the disbursal. Customers can make use of the online personal loan EMI calculator. The online tool is not only user-friendly but also saves times. The tool can be accessed on the bank’s official website or aggregator websites. Customers have to fill in specific details such as the loan amount, tenure, interest rate to calculate the EMI payable through the online calculator. Some EMI calculators not only calculate the EMI but also a detailed break-up of the principal amount, interest and total amount payable.

    Factors affecting Mashreq Bank Personal Loan Interest Rates

    • Monthly Income: It is one of seminal importance in determining the quantum of loan to an applicant. If an individual has a higher income, chances are he may be charged a lower rate of interest on his personal loan.
    • Loan tenure: The tenure of a loan is critical in determining the interest rate. If an applicant opt for a longer loan tenure, chances are he or she may avail of a lower rate of interest.
    • Credit Score: A robust credit score ensures that an applicant’s request for a loan is approved without any hassles. A bad credit history reflects poorly on the financial standing of an applicant. As a result, banks may be wary of lending him or her a loan.
    • Employment history: Applicants who work for well-established and reputed companies for a longer period of time stand a better chance of getting their loan request approved.

    Key things to know about Mashreq Bank Personal Loan Interest Rates

    Interest rates depend on the Mashreq Prime Rate. Personal loans are offered to Emiratis, expatriates, no salary loans to expatriates, Emirati pensioners and for debt consolidation. Customers have to submit details of their employer who needs to be part of the approved list of Mashreq.

    Other Products from Mashreq bank

    Mashreq Bank Personal Loan

    Mashreq Bank Credit Cards

    Mashreq Car Loan

    Mashreq Home Loan

    Mashreq Fixed Deposit

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