Personal Finance for Emiratis
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Personal Finance for Emiratis

At Mashreq Al Islami, we understand the importance of the decisions you make and their financial implications. With our Shari’ah compliant solutions, we make it easier for you to attain your goals and fulfill your dreams.

Our Personal Finance for Emiratis offer high finance limits at attractive profit rates, and cater to the financial needs of a wide range of UAE professionals at convenient repayment options. We aim to provide a Personal Finance within 24 hours with a host of other benefits.


Features & Benefits

  • High finance amount up to AED 5 million
  • Deferred payment period of up to 120 days
  • Competitive fixed profit rate
  • Comfortable repayment finance tenure of up to 48 months and for Armed Forces tenor of up to 60 months
  • Comfortable repayment finance tenure of up to 48 months (for employees of Ministry of Defense where maximum tenor of up to 60 months)
  • Exciting bundled offers available with extra benefits
  • Simple documentation and quick processing
  • Additional facility available for existing finance customers

Eligibility

  • Minimum Monthly Salary of AED 10,000
  • Salary needs to be transferred to Mashreq
  • Employer needs to be a part of the approved list of companies with Mashreq
  • The finance installment along with the overall regular monthly installments should not exceed 50% of the monthly salary

Documentation

  • Valid Passport Copy
  • Valid Emirates ID
  • Salary transfer Letter from employer as per Mashreq format or Salary certificate for Government / Semi-Government
  • Last 3 months bank statement with salary credits / UAEFTS customer’s consent for bank statement

Additional Benefits

  • Zero balance current account for personal finances greater than or equal to AED 25,000 along with Cheque Book facility and a Debit card
  • Access to wide ATM/CCDM and Branch network
  • Access to Mashreq Online and Mashreq Mobile

How it works

Personal finance is a Shari’ah Compliant Islamic financing; based on the Islamic principle of.


Tawarruq : It is also known as Commodity Murabaha or Monetization, where the bank buys a commodity from the market and sells it to the customer on Cost plus profit basis with deferred payment. This commodity is then liquidated into market (Bank does not buy them back after selling to customer).


Disclaimer:

The insurance feature of Takaful Credit Shield, (“Product”) is being provided by Islamic Arab Insurance Company (“Salama”) pursuant to terms and conditions of the Takaful Policy (“Takaful Policy”) found on this page. It must be noted that the Takaful policy relating to this Product may be amended by Salama from time to time. The customer understands and acknowledges that any amendment or modification to the Takaful Policy will be updated on this page without further notice to the customer. The customer hereby confirms that it shall be its duty to be informed of the contents of the Takaful Policy (including any amendments thereof) at all times by visiting this page.
For all intents and purposes, nothing contained on this page or Mashreqbank’s website and/or the Takaful Policy shall be deemed to create an agency, joint venture, amalgamation, partnership between Mashreqbank psc and Salama. Salama shall be solely responsible for any and all claims by the customer under the Takaful Policy and payout of any claims to the customer shall at all times be subject to the terms of the Takaful Policy provided by Salama, over which Mashreq exercise no control whatsoever



SMS ‘UAEN’ to 4250

Takaful Terms & Conditions

Schedule Of Charges

Personal Finance Terms & Conditions


*Terms and conditions apply.

FAQS

You can use proceeds of a Mashreq Personal Finance for all your planned and unexpected needs: For example:

  • Consolidate debts, such as combining multiple credit cards or other debts into one finance
  • 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
  • Interim Needs
  • Property purchase in your Home Country / Overseas*

* As per the UAE Central Bank Guidelines, if a customer is availing a home finance in the UAE, for a UAE property, the customer cannot avail a Personal finance to fund the down payment of the property purchase.

Yes, to avail Personal Finance for Emiratis, you need to transfer your salary to Mashreq.
No, you don't need to keep any assets as a security against your finance.
  • Minimum monthly salary of AED 10,000
  • Salary needs to be transferred to Mashreq
  • Employer needs to be part of the approved list of companies with Mashreq
  • The finance installment along with the overall regular monthly installments should not exceed 50% of the monthly salary

Terms and conditions apply

Now that you have decided to avail a Mashreq Personal Finance, you may walk into a nearest Mashreq branch; alternatively you can call us on 04-424 4444 or apply online at Mashreqalislami.com or send a SMS “UAEN” to 4250 and our bank representative shall guide you further.
Mashreq offers Personal Finance up to 20 salary multiples, max AED 5 million.
Upfront costs related to a Personal Finance are Processing fees and Takaful fee.
The minimum tenure for Personal Finance is 6 months and the maximum tenure is 48 months. For employees of Ministry of Defense the maximum tenor is up to 60 months.
Our profit rates are competitive and are charged on a flat rate, to know more about this get in touch with our bank representative.
The proceeds of the Mashreq Personal Finance for Emiratis will be credited to your Mashreq / Mashreq Al Islami bank account. In certain buy-out or debt consolidation cases, as per your instructions, the payment will be made to another bank / financial institution.
EMI (Equated Monthly Installment) is calculated based on the total amount of your finance, the finance tenure, 1st due date and the annual profit rate.

With a Mashreq Personal Finance for Emiratis, you enjoy following additional benefits:

  • Zero balance current account for personal finance greater than or equal to AED 25,000 along with Cheque Book facility and a Debit card
  • Access to wide ATM and Branch network
  • Access to award winning Online and Mobile Banking services
  • Bundled Propositions and Special Campaigns Installment Deferment Option
The 1st due date of EMI repayment is linked to your salary credit date & should be within 120 days of the finance disbursal date.
You are eligible for 2 finance installment deferments every calendar year subject to Bank’s approval.