A Mashreq Business Loan is an installment loan for business entities to meet their working capital requirement and other business needs.
Following entities are eligible to apply for a Mashreq Business Loan:
• Limited Liability Company (LLC)
• Sole Proprietor
• Free Zone Companies
• Branches/Subsidiaries of Offshore Entities.
• Mashreq Small Business Loan Features:
• Simple documentation and quick approval process
• Competitive interest rates
• A dedicated Relationship Manager to service all your business needs
• A Business Current Account with No Minimum Balance Requirement
• Free Business Credit Card with attractive cash back and benefits
• Choice of Islamic Business Facility
• Interest Rate is starting from 20% up to 26%
• Salary Transfer is not required. The company has to maintain a zero balance business current account
• Minimum annual sales turnover of AED 1.5 Million
• Minimum age of business: 2 years
• Early settlement fees - 1% of the total remaining outstanding loan amount
• The minimum tenor is 6 months and can go up to a maximum of 48 months
• The minimum loan amount is AED 125,000/- and it can go up to AED 1.5 Million
• No collateral required
• Processing Fees - 1.35% of the loan amount
• Insurance/takaful 0.65% p.a.
• No Agency fee
• Documents Required:
• Application form
• Trade license copy
• Incorporation documents as applicable i.e. Power of attorney (POA), Memorandum of Association (MOA) or Article of Association in case of an LLC, Partnership agreement
• Last 12-months bank statement (Mashreq account not required)
• All partners valid passport with residence visa page for expatriates
• All documents are required to be valid at the time of evaluation
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