To buyout liabilities from other banks and to consolidate non long term liabilities into one short term finance to reduce payments.
In the case of a standalone 48 months debt consolidation finance yes. However, in the case of long term loan/finance buyout and a 48 month debt consolidation along with long term loan/finance buyout, no additional funds can be given to the customer.
Yes, to obtain debt consolidation finance, you need to transfer your salary to Mashreq Al Islami.
No, you don't need to keep any assets as a security against your finance.
1. Minimum monthly salary of AED 10,000
2. Salary needs to be transferred to Mashreq
3. Employer needs to be part of the approved list of companies with Mashreq
4. The finance installment along with the overall regular monthly installments should not exceed 50% of the monthly salary
Terms & Conditions apply.
As per Central Bank guidelines the long-term finance tenor will be “Lower than active remaining tenor” and Debt Consolidation tenor will be up to 48 months (for Armed Forces employees up to 60 months).
Our profit rates are competitive. For Islamic personal finance, a flat rate and an equivalent reducing rate is shared before you apply. The finance is always set up on a reducing rate. 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 finance, the finance tenure, 1st due date and the annual reducing profit rate.
The 1st due date of EMI payment is linked to your salary credit date & should be within 120 days of the finance disbursal date.
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