Basically, it is a financial transaction between two parties: the bank and you – the borrower. Once you request an amount of money from us, the funds will be exchanged physically or electronically upon our mutual agreement with defined terms and conditions. You will then have to pay back the loan in monthly instalments according to the schedule defined at the moment of your application. For the benefit of borrowing money at your leisure, Mashreq adds a competitive interest to lower down your monthly payment. The borrower chooses the amount of interest, however, at the time of deciding how long to repay the debt for. Mashreq interest rates are extremely competitive, though and our aim is on helping our customers to borrow wisely.
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Whether you want to improve your home or fund your children's education, a loan can help. You can apply for a loan for most common personal needs.
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The type of loan you apply for depends on how you intend to use the funds. For example, a personal loan may be suitable if you need quick access to money due to an unexpected expense. We offer a wide range of loan options like personal loan, home loan and loan on card.
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In order to get a loan, you will need to make a clear and detailed application. To qualify, you will also need to provide certain forms of documentation - your eligibility will then depend on the type of financial solution you're applying for. You will then need to provide certain information based on the regulations for taking out a loan in the UAE. This is likely to include your employer; salary; current accommodation and extra income sources. For full details, you can review the information on each specific product page via this website or you can give us a call: +971 4 4244444 (Dubai) +971 2 6274737 (Abu Dhabi).
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Advantages
The best bank loan providers assess your application and lend the amount they feel you can realistically pay back
The repayment period is decided so you have a comfortable timeframe to return the money borrowed
The best bank loans come with a manageable monthly repayment option.
Disadvantages
Bank loan rates vary,, but there is an interest rate applied to every single loan as a standard feature.
There are many reasons why those with a poor credit history are in that situation, from their financial situation (the min. salary required is AED 5000); to falling behind with debts due to redundancy – and even not having a credit card or loan before, and so no lending record for banks assess repayment reliability
In this situation, they may find it difficult to obtain a loan and Mashreq provides advice.
For credit concerns: +971 4 4244444 (Dubai) +971 2 6274737 (Abu Dhabi)
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Follow these 4 easy steps:
Select the loan type that suits your need (personal or home)
View details on the specific product page
Select 'Apply now’ to proceed with the application
Complete the online application form and click 'Submit’
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Download Mashreq Mobile App – top-rated banking app in the UAE