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.
Whether you need a new car, want to make an improvement to your home, or are putting it towards your children's education then a loan can help. And you're good to apply with any of those common reasons in mind.
In fact, you're perfectly okay to borrow for most things.
Still, if you're unsure, call one of our advisors on either +971 4 4244444 (Dubai) or +971 2 6274737 (Abu Dhabi).
The type of loan you apply for will depend on your intended purpose for the money. For example, you would apply for a 24 hour personal loan if you needed to borrow money fast because of an unforeseen car repair. But if you're looking for the security of ongoing financial support – perhaps for a business venture - then a conventional solution with a comfortable repayment period would suit better. We offer a wide range of loan types for you. To make things simple, we've consolidated these into three main categories:
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) .
The main advantage is that you receive the money you need, as soon as you're approved. The main disadvantage is that you'll owe another party money. So, you need to be sure you can repay that money within the agreed amount of time. Still, they're not the only things to consider. Below, we've listed the major pros and cons.
Terms & Conditions apply
* Reducing Rate Starting at 4.31% p.a.