back Back

Mashreq launches new loan product ‘NEO credit’ for salaried individuals

By Delisha Fernandes

February 13, 2024

  • Digital Banking
  • Financial Institution
  • fintech MENA

Mashreq, Nymbl, Instant Payment, merchants, Central Bank of the UAE, QR-based payments, email address, Instant Real Time Payments, SMEs, Fintech news, Fintech UAEMashreq, a financial institution in the MENA region, has launched its new loan product, NEO Credit, 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.

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.”

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.

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.

Previous Article

February 12, 2024

Lightyear launches new web app with stock screener feature

Read More
Next Article

February 13, 2024

Mahindra Finance & IBM launch Super App to drive financial inclusion

Read More

IBSi Daily News Analysis


February 23, 2024

Digital Banking

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 22, 2024

Vidyut raises $10m in Series A Funding round led by 3one4 Capital

Read More

February 21, 2024

Autonom8 & Berar Finance to automate Intelligent Loan Origination

Read More

February 21, 2024

Commerce Bank goes live with Temenos loan origination solution

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023