Small Business-owner Loan - FAQ's
What is a Small Business-owner Loan
A Small Business-owner Loan (SBoL) is an installment loan for Self Employed which allows you to borrow cash wisely to meet your business or personal needs.
What are the documents I need to provide to avail of a Small Business-owner Loan?
To avail of a SBoL, you must initially submit the following basic documents for the purpose of evaluation:
- Copy of Passport with valid Residence Visa
- Copy of valid Commercial registration
- Copy of utility bills e.g. office telephone or electricity bill
- Copy of signed Memorandum and Articles of Association of the business
- Copies of 6 months Bank Statement of the business (stamped and signed by the bank)
- Signed copy of SBOL and Bahrain Credit Reference Bureau applications
Once the above documents have been submitted to Mashreq, your application will be evaluated.
What is the loan amount Mashreq can offer?
The loan amount which Mashreq can offer is from BHD 1,000 to BHD 15,000 per loan.
What is the minimum and maximum tenor I can apply for?
The minimum tenor is 12 months and the maximum tenor I can apply for is upto 48 months.
What are the repayment modes available?
The repayment modes can either be through a standing instruction from a Mashreq account or through your issuance of post-dated cheques from other banks to Mashreq.
Can I make partial repayments?
No. Mashreq does not provide for partial repayments.
Can I go for a top-up loan in the future?
Yes. Once you have completed 9 months of payments on the loan, you may apply for a top-up loan.
Can I go for the early settlement of my loan?
Yes. You may go for an early settlement of your loan. This would be subject to pre-closure charges, as applicable.
Do I have to open an account with Mashreq?
Advisable. You have to open personal current account (in case you do not have one already) for your loan amount to be credited to that account and you to enjoy a host of other benefits.
Who do I contact for any service related query?
As an SBoL customer, you will have access to :
- Mashreq's SME representative on 17 504422
- Mashreq online for an enhanced experience of convenience
Which are the nominated Mashreq branches for addressing service needs?
Please visit our branch in Manama located in Chamber of Commerce building.
Terms and conditions apply. All loans are granted at the sole discretion of Mashreq.
For more information, call on +973 504422 or walk into Mashreq branch.