Mashreq Credit Card Loan

Credit card loans are very helpful in the case of urgent loan requirements. Since loans against your credit card are pre-approved, you can save the documentation and approval time. Mashreq Bank is one of the most popular banks offering banking services and products in the UAE. With numerous accounts, the bank also offers credit and loan services. One of the quickest ways of acquiring a loan from the bank is through Mashreq Bank credit card loans. 

With a Mashreq Bank credit card, you can apply for cash loans during financial emergencies and receive the funds into your account within 48 hours. For Mashreq Bank credit cardholders, the process is completely paperless and it only takes a few simple steps to apply for a loan. The article below sheds light on Mashreq Bank credit card loans and ways of acquiring them.

What is a Mashreq Credit Card Loan?

Along with shopping benefits and rewards programs, Mashreq Bank's credit card comes with a range of exciting offers on travel, lifestyle, and entertainment expenses. In case of emergency fund requirements, you can opt for Mashreq Bank credit card loans without waiting for the application and approval process. 

With a Mashreq bank credit card, you can conveniently apply for instant cash loans or transfer loan amounts into your bank account. With a longer repayment period of up to 36 months and lower interest rates, the borrowed amounts are easily available for any unforeseen financial emergencies. Unlike traditional loans, where you need to provide your income details and financial situation, Mashreq Bank credit card loans are pre-approved and don’t need any document verification. 

Types of Mashreq Credit Card Loans

The bank offers numerous options to apply for credit card loans. As a Mashreq Bank credit cardholder, you can avail yourself of instant cash loans via the Easy Cash facility. At selected outlets and points of sales, you can directly pay the merchants for bigger purchases and convert the credit card loans into easy installment plans. Following are the various credit card loans available for Mashreq Bank credit card members. 

• Mashreq Bank Easy Cash Loans
• Mashreq Bank Instant Easy Payment Plans (EPP)
• Mashreq Bank Balance Transfer Facility 

Mashreq Bank Easy Cash Loans

As a Mashreq Bank credit cardholder, you can apply for Easy Cash instant loans. It is a viable option during urgent cash requirements since you don’t need to spend your efforts and time on documentation and loan approval. With an easy cash option, you can conveniently acquire the funds into your bank account or withdraw cash from a nearby ATM or CCDM. Mashreq Bank offers a repayment period of up to 36 months on credit card loans with low-interest rates. Additionally, you can use up to 75% of your credit limit as easy cash loans in case of financial emergencies. Easy cash loans are one of the most frequently used Mashreq credit card loans. Following are details of Mashreq Bank’s Easy Cash Loan. 

Mashreq Bank Instant Easy Payment Plans (EPP)

With Mashreq Bank Instant Easy Payment Plans, you have the option of making expensive purchases from a merchant and repaying the loan amount in convenient monthly installments. The funds for an EPP are provided instantly, but to convert your loan into installments, you need to file an application within 5 days of your purchase. At selected merchants and points of sales, you can enjoy as low as 0% interest rate on the Mashreq Bank easy payment plans. 

Alternatively, you get an extended loan period of 3, 6, 9, and 12 months for loan repayments. To know more about the various offers and deals on Mashreq EPP, you can log in to your credit card account or visit the Mashreq Bank official website. Following are the details of Easy Payment Plans from Mashreq Bank.

Mashreq Bank Balance Transfer Facility 

With the balance transfer facility, you can transfer your outstanding balance from another bank’s credit card to a Mashreq credit card with low interest rates and longer repayment tenures. Using the Mashreq Bank balance transfer feature, you can transfer an amount of up to 75% of your credit limits and pay them back in fixed monthly installments of up to 36 months. Since the balance transfer application process is completely paperless, you can conveniently apply online using net banking or a phone banking facility. As a Mashreq bank credit card loan, the balance transfer feature can help you get over huge interest payments and credit card debts. Following are the details of the Mashreq Bank balance transfer facility. 

How to Apply for a Loan Against Mashreq Bank Credit Card in the UAE?

With numerous online and offline application options, you can conveniently apply for Mashreq Bank credit card loans in the UAE. You can log in to the personal banking section on Mashreq Bank’s official website or use the Mashreq mobile banking application. Alternatively, the bank accepts loan applications through a phone call, so you can contact the bank’s customer support team. Following are the various steps to apply for a Mashreq credit card loan.  

• Credit Card Loan Application through Mashreq Bank’s Official Website - You can visit Mashreq Bank’s official website and log into your credit card account. Later, you need to navigate to the credit card section and select the type of loan you need. Follow the instructions to apply for a Mashreq credit card loan. After approval, the loan amount will be disbursed into your account. 
• Credit Card Loan Application through Mashreq Bank Mobile App - To apply for a Mashreq credit card loan using the mobile application, you need to open your credit card application and scroll through the credit card services section. Later, you need to select the type of credit card loan and follow the steps as instructed. Once approved, your loan will be disbursed into your bank account. 
• Credit Card Loan Application through Phone Call - You can reach out to the Mashreq customer support team via the phone number provided on the bank’s official website. Subsequently, you need to follow the steps mentioned by the support representative. To apply for a Mashreq credit card loan, you can contact Mashreq customer support at 04-424 44 44.

Modes of Mashreq Bank Credit Card Loan Disbursal 

Mashreq Bank credit card loan disbursal depends on the type of credit card you own. Following are the various modes of credit card loan disbursal. 

• Disbursal for Mashreq Bank Cash On Call: The bank disburses the loan amount into your bank account or you can withdraw it directly from a Mashreq Bank ATM or CCDM. It can take up to 48 hours for the funds to be transferred into your savings or current account. 
• Disbursal for Mashreq Bank Easy Payment Plan: In the case of easy payment plans, the bank pays the borrowed amount directly to the merchant, outlet, or at the point of sale. 
• Disbursal for Mashreq Bank Balance Transfer - On applying for balance transfers, the bank transfers an amount equal to your outstanding balance to another bank credit card. You can repay the loan amount in convenient monthly installments. 

How to repay Mashreq Bank credit card loans in the UAE?

Being a completely digitised bank, Mashreq Bank offers completely online loan repayment options. You can also choose to repay your loans through offline modes by visiting a local branch or an exchange house. The bank adds the loan installment to your monthly credit card bills and you need to repay the outstanding amount before the due date. Following are the ways to repay your Mashreq Bank credit card loans in the UAE. 

• Online Credit Card Loan Repayments - To repay your loans online, you can log into your credit card account and pay off the installments by choosing a payment method. You can opt for net banking or pay through your debit card option. The process remains the same for credit card loan repayment through the Mashreq Bank mobile application. 
• Loan Repayment through Exchange Houses - You can repay your credit card loan installment through Mashreq Bank-affiliated exchange houses. To locate the nearest exchange house, you can visit Mashreq Bank’s online portal. The exchange houses accept cash and cheque payments and transfer your installments through NEFT. The payment process through exchange houses can take up to 2 working days, so you need to repay well within your due date. 
• Payment Through Mashreq Bank Branches - For cash and cheque payments, you can visit the nearest Mashreq bank branch and repay your credit card loans. You simply need to provide your card details and pay by cash or cheque. The bank charges AED 26.25 for credit card bill payments at the branches. 

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FAQ's on Mashreq Credit Card Loan