Middle East banking pioneer Mashreq has launched the NEO Credit solution to offer small-sized loans for salaried individuals.

Mashreq, the oldest privately owned bank in the United Arab Emirates and one of the oldest banking institutions in the Middle East, has introduced an innovative NEO Credit service.

The new lending service offers small personal loans of up to AED 35,000 to salaried individuals. With NEO Credit, Mashreq customers can access funds as soon as the account is activated, without the need for an immediate salary transfer.

The innovative solution addresses customers’ short-term financing needs quickly and efficiently. The borrowers can use the loan for various purposes, from home improvement to medical emergencies. Accessing the loan requires no extra documentation or excessive paperwork.

“NEO Credit is a testament to Mashreq’s commitment to providing innovative and customer-centric financial solutions. We understand the urgency of financial needs that our customers sometimes might face, and are offering a quick, reliable, and hassle-free way to access funds. This product is designed to empower our customers, giving them the financial support they need when they need it the most.”

Kartik Taneja, Head of Payments & Consumer Lending and Chairman of NEO PAY, Mashreq

NEO Credit offers a simple loan application process that happens entirely online and requires no more than a few clicks. Borrowers may receive instant loan approval based on their eligibility criteria. The credit product also offers personalized interest rates to customers. Available repayment plan options range from 2 to 18 months.

NEO Credit will be seamlessly integrated with Mashreq NEO’s digital banking services. It enables a more cohesive and efficient banking experience within a single platform.

Mashreq has recently partnered with i2c, a Software-As-A-Service (SaaS) payment and banking provider, to present innovative digital payment solutions to the financial services market of the United Arab Emirates (UAE). Kartik Taneja says that stimulating sustainable growth and innovation in the UAE’s financial segment is Mashreq’s main prerogative.