– Loan Amount: AED 10,000 to AED 2,000,000 (subject to salary and employer approval)
– Tenor: 12–48 months
– Disbursement: Within 10 business days of application and documentation
– Interest Calculation: Fixed rate, applied on reducing balance; quoted rates remain unchanged for the loan term

Interest Rates

– Emiratis: 5.99%–12.99% p.a. reducing balance (VAT not applicable on interest)
– Expatriates: 5.99%–31.99% p.a. reducing balance (VAT not applicable on interest)
– APR (Example for Emiratis): 7.75% APR = 7.49% interest + 0.26% processing fee spread over 48 months

Fees & Charges

– Processing Fee: 1.05% of loan amount (inclusive of VAT)
– Life Insurance Fee (Emiratis): 0.01911% of outstanding balance per month (bank-arranged coverage, free for tenors up to 48 months; bank-absorbed)
– Life Insurance Fee (Expatriates): Free (bank-absorbed group cover)
– Early/Partial Settlement Fee: 1.05% of outstanding principal or prepaid amount (whichever is lower)
– Late Payment Fee: 2% of delayed installment (min AED 52.50, max AED 210)
– Installment Deferment Fee: AED 105 per postponed installment (max two per calendar year; non-consecutive, three EMIs minimum)
– No-Liability Certificate: AED 63 per request
– Cooling-Off Period: 5 business days from signing; cancellation requires returning disbursed funds and buy-out amounts

Eligibility Criteria

– Age: 21–70 years at loan maturity (Emiratis up to 70; self-employed subject to coverage)
– Employment: Minimum one month with current employer; salary transfer letter in Mashreq format required
– Salary: Salaried clients with credit to Mashreq account (amount meets EMI coverage)
– Banking Relationship: Salary must be transferred to Mashreq or Mashreq Islamic account throughout loan tenure
– Credit Profile: Clean credit history; borrowers must not have existing defaults exceeding regulatory limits