Ziyada Overdraft
Need extra cash on hand?
Get it FAST & in just a FEW clicks via the Mbank UAE App!
Apply for ‘Ziyada’ Overdraft and get up to 2 times your salary with no processing fees for the first year!*
Easy Application Process
Easily apply for ‘Ziyada’ Overdraft using the Mbank UAE App – without having to visit any branch!
Available on Demand
‘Ziyada’ Overdraft is directly available through your Mbank Debit Card, linked to your Current Account.
Only Pay If You Use
Interest will be charged only on the amount of the overdraft limit used.
Simple Repayment
Automatically settle the amount payable by transferring your salary or depositing funds into your Current Account.
Eligibility Criteria
- Salary transfer to your account with Mbank
- Good AECB report
- Employer should be on Mbank’s approved list
*No Processing Fees for the first year.
*Limited Time Offer. T&Cs Apply.
Get a head start on your digital banking journey
All the answers. Right here.
Get all the answers you need to frequently asked questions.
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What is Ziyada Overdraft?
Ziyada Overdraft is a personal overdraft facility for salaried customers at Al Maryah Community Bank, whereby you can access an additional sum of money – up to 2 times your salary – to meet lifestyle costs and unplanned or unexpected expenses. This limit can be used from your current account to clear inward cheques and monthly instalments, cash withdrawals at ATMs, purchases at Point of Sale (POS), and to invest in IPOs. -
What does ‘Overdraft’ mean?
An overdraft is a temporary loan from Al Maryah Community Bank that allows customers to pay bills or withdraw money even if there is not enough money in their account to cover the withdrawal.
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Who can apply for Ziyada Overdraft?
Al Maryah Community Bank offers Ziyada Overdraft to current account holders with salaries transferred to the bank. Other account types are not eligible for overdrafts.
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What is the minimum salary required to apply for Ziyada Overdraft?
The minimum salary required is AED 1,500.
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What is the amount I can get as Ziyada Overdraft?
The overdraft maximum allowed limit is 2 times your net monthly salary – with a maximum of AED 50,000. The upper limit may be amended at the sole discretion of Mbank.
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Will I pay the interest on Ziyada Overdraft, even if I don’t use it?
The best feature about Ziyada Overdraft is that you will be charged interest only on the amount and the number of days the overdraft is used.
You will not be charged interest if you do not use the overdraft amount granted.
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What is the interest rate on Ziyada Overdraft?
The interest rate on Ziyada Overdraft is 15% yearly and will only be applied if you utilize the Overdraft amount.
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How many salary credits are required before availing this service?
One salary credit is required to set up the overdraft limit on your Mbank current account.
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What are the required documents to apply for Ziyada Overdraft?
- Valid Emirates ID
- Valid Passport
- Salary Transfer Certificate
- Undated Security Cheque for the Facility Amount
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What are the benefits of availing Ziyada Overdraft?
- Having extra cash when you need it
- Preventing bounced cheques
- Avoiding any dues or delayed remittance
- Easily applying through the Mbank UAE App
- Minimal interests
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How do I repay Ziyada Overdraft?
The amount payable will be auto settled as and when the sufficient balance is available in your Current Account.
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Do I have to pay any additional charges for Ziyada Overdraft?
There will be a one-time setup fee of AED 210 (inclusive of VAT), and then the monthly interest is levied on the overdraft limit. Annual renewal charges will apply.
Please also refer to Schedule of Fees & Charges
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Can I foreclose or prepay my Ziyada Overdraft?
Yes, by clearing all outstanding dues and submitting a service request from the Mbank UAE App, as long as the sufficient balance is available in your Current Account.
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How will the interest be calculated?
Ziyada Overdraft comes with a fixed rate of interest that is calculated on a daily outstanding balance. The interest is charged only on the amount you use and the period for which you use it. In case there is no usage of funds, there will be no interest payable.