A personal loan is not just money it is a friend in need. Many investors contact the huge financial organization to get a loan for their business development. On the contrary, a personal loan is meant to help individuals and new ventures in need.
A personal loan involves a promissory note, borrowed amount or principal, and interest rate. In case if the borrower fails to repay the loan or make installments lender has the right to take legal actions.
Major Features of Personal Loan
There are two major features of a personal loan.
1. Freedom to Use Loan
The spending and investment made by the borrower with the loan have nothing to do with the lender. No matter you build a house with it or start a setup. The only twitter of interest for a lender is installments and repayments.
2. No Collateral
Another feature that attracts many small businesses and investors is no collateral is required. You can get a loan without any security.
Personal Loan Benefits
Personal loan serves many purposes.
1. Low Interest Personal Loans
Many financial institutions offer low interest personal loans. Unlike corporate loans, these loans are lesser in amount.
2. Quick and Convenient
Personal loans are quick and convenient to get from the financial institution. UNlike huge loans, personal loans do not require a lot of paper or legal work.
3. Installment Procedure
Installments and repayment period is convenient for the customers. They can repay the loan in comparatively smaller chunks.
Low Interest Personal Loans
If you are in UAE and looking for a financial institution that offers low interest personal loans then Mashreq bank is always there to assist. Unlike many other financial organizations, Mashreq bank provides its customers with low interest personal loans without getting into complicated procedure.
Mashreq Bank Personal Loan
The Personal Loan Remit from Mashreq enables you to transfer money in a single transaction. Ideal for buying or renovating a new building, no charges or charges will be charged. There is no processing fee or any other charges to process the loan application.
Best Personal Loan for Expats in UAE
Mashreq bank offers the best personal loan for expats in UAE. The procedure is easy and smooth. Expatriates can avail of the loan for any need other than the property purchase.
1. No Salary Transfer Personal Loan
Though Mashreq bank suggests its customers transfer their salaries to Mashreq account if there is any issue they can avail of non-salary transfer personal loan.
2. No Security
Another feature that makes Mashreq bank personal loan the best personal loan for expats in UAE is no security loan. Customers do not need to keep any asset as collateral.
- Get Salaam points and take advantage of free shopping at over 1000 points UAE-wide
- Zero balance of personal loans account of 25,000 AED plus or equivalent
- Book and debit card testing services
- Access to a vast network of ATMs and branches
- Access to the winning services for online and mobile banking
- Specific Initiatives Packaged Plans
- Deferment option for installation