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Mashreq Bank Auto Loans (CashIn Car Loan)

Minimum Salary
0,00 د.إ

Description

Mashreq’s CashIn Car Loan offers fixed interest rates for salaried UAE residents, quick disbursal within 10 business days, transparent fees, mandatory salary transfer, and value-added benefits such as complimentary roadside assistance and flexible deferment options.

Features

  1. Interest Rates & Financing Terms
  • Fixed Interest Rate: Competitive fixed rate remains unchanged for the loan’s tenure (rate tier dependent on salary profile; bank does not publish a single starting rate).
  • Reducing-Balance Equivalent: APR equivalent disclosed in offer letter.
  • Financing Limit: Up to AED 500,000 or customer’s eligibility (up to 80% LTV).
  • Tenure: 12–60 months.
  • Down Payment: 20% of vehicle value or as per bank policy.
  1. Eligibility Criteria
  • Age: 21–60 years at loan maturity.
  • Residency: UAE nationals and expatriates employed in UAE.
  • Employment: Salaried with a minimum of 6 months’ tenure at current employer.
  • Salary Transfer: Mandatory to Mashreq for the entire loan tenure.
  • Credit Profile: Satisfactory Central Bank credit history.

Detailed Schedule of Fees & Charges

Fee Type Charge
Processing Fee 1.05% of loan amount – min AED 525, max AED 2,625 (inclusive of VAT)
Moratorium Interest (if defer 1st EMI) Interest accrued during deferment recovered monthly as part of EMIs
Early/Partial Settlement Fee 1.05% of outstanding principal – no cap
Late Payment Fee Min AED 50 / max AED 210 per missed EMI (inclusive of VAT)
Post-Dated Cheque Replacement AED 100 per cheque
Cooling-Off Period 5 business days – full refund of processing fee if cancelled
Vehicle Pledge Release (post-settlement) No bank charge (RTA fees apply separately)

 

All charges inclusive of VAT unless stated otherwise; full fee schedule available in loan agreement.

Documents Required

  • Emirates ID (copy)
  • Passport and UAE residence visa (copy)
  • Salary transfer letter in Mashreq’s approved format
  • Latest 3 months’ Mashreq bank statements (salary account)
  • Vehicle registration card copy or dealer’s proforma invoice addressed to Mashreq
  • Completed loan application form and required undertakings

Additional Info

  • Fixed-Rate Stability: No interest-rate fluctuations throughout the loan tenor.
  • Value-Added Services: Complimentary roadside assistance (AAA membership equivalent); free annual vehicle registration service.
  • Fast Disbursal: Funds released within 10 business days of completing documentation.
  • Flexible Deferment: Option to defer first EMI; moratorium interest charged transparently.
  • Digital Notifications: Written communication if disbursement exceeds 10 business days.
  • Transparent Terms: Key Facts Statement provided prior to application, detailing all terms, fees, and obligations.

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