If you find yourself in a difficult financial situation and are trying to manage multiple payments with higher interest rates to various creditors, Mashreq could help you consolidate your debts. By combining all your debts into one personal loan, you can save on interest repayments and also benefit from having just one regular repayment to manage.
A Debt Consolidation Loan comes with an array of features and benefits:
Lower monthly payments
Increased disposable income
Reduced interest payments over lifecycle
Higher Loan amount up to AED 1 Million
Deferred payment period of up to 90 days
You can use the extra cash in hand for all your planned and unexpected needs: For example:
Plan a vacation with family / friends
Renovate your home
Plan that grand wedding
Fund self / child’s education needs
Attend to medical needs
Invest in lucrative opportunities
Property purchase in your home Country / overseas*
* As per the UAE Central Bank Guidelines, if a customer takes home loan in the UAE, for a UAE property, the customer cannot use a Personal Loan to fund the down payment of the property purchase.
Yes, to obtain a Debt Consolidation Loan for Expatriates, you need to transfer your salary to Mashreq.
If your length of service with your current employer is less than 6 months or you have recently moved to the UAE, you can get it under ‘New to UAE’ or ‘New to Employer’.
The upfront costs related to a Debt Consolidation Loan are Processing fees and Insurance fee as per schedule of charges
Our interest rates are competitive and are charged on a reducing balance. To find out more about this, please get in touch with our Bank representative
EMI (Equated Monthly Installment) is calculated based on the total amount of your loan, the loan tenure, 1st due date and the annual interest rate.
With a Mashreq Debt Consolidation Loan for Expatriates, you can enjoy following additional benefits:
Zero balance current account for personal loans greater than or equal to AED 25,000 along with a Cheque Book facility and a Debit card
Access to a wide ATM and Branch network
Access to award winning Online and Mobile Banking services
Bundled propositions and special campaigns
Instalment deferment option
The 1st due date of EMI repayment is linked to your salary credit date and should be within 90 days of the loan disbursal date.
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