Mashreq, a leading financial institution in the MENA region, announced today the launch of its new loan product, NEO Credit, specifically designed for salaried individuals. This innovative service offers small sized loans for financial needs up to AED 35,000, enabling customers to access funds instantly once the account is activated, without the need for salary transfer, addressing their short term financing needs efficiently.

Our customer research revealed a critical need of customers to have quick and convenient access to finance. Mashreq has created an effortless and quick process to help customers access instant loans with NEO Credit. This allows customers to access cash instantly, enabling them to realise their desires, whether it is to capture an investment opportunity, work on an exciting home improvement, go on a spur-of-the-moment vacation or even for immediate financial requirements such as medical emergencies, with zero documentation.

Anyone can effortlessly apply for loans online in just a few clicks and receive instant approval based on their eligibility criteria, making it a hassle-free experience. The product offers personalized interest rates to customers with repayment plan option ranging from 2-18 months.

Kartik Taneja, Head of Payments & Consumer Lending and Chairman of NEO PAY, Mashreq, said, “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.”

Building on the success of Mashreq NEO – the bank’s digital banking offering, NEO Credit is another step towards digital transformation in banking. Mashreq NEO offers a comprehensive range of financial services, including savings accounts, personal loans, and investment options, all accessible through a user-friendly digital interface. NEO Credit complements these services by providing an additional layer of financial flexibility and accessibility.

Customers of NEO Credit will benefit from the seamless integration with Mashreq NEO’s digital banking services. This integration allows for a more cohesive and efficient banking experience, where customers can manage their loans alongside their other banking needs through a single platform. The ease of use and convenience offered by NEO Credit and Mashreq NEO together underscore Mashreq’s dedication to digital innovation and customer satisfaction in the financial sector.