Personal Loan up to 8 times your Salary
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Who doesn't want to have a high income, own a big house, drive a luxury car, buy expensive things and go on vacations? But, the way to this kind of lifestyle is paved by education. However, the sad reality is that people often find it difficult to raise funds for education. Even though we all know that scholarship is one way to plan education in a land outside the native country, the fact is that not everyone is capable of achieving a scholarship. For those who fail to bag a scholarship, there are several other financing options. One of them is the education loan.
Since the majority of expat students in the UAE have no other option but to fund their studies on their own, several banks in the country offer personal loan for expats students. Personal loans in UAE for expats students are specifically designed to ensure that the education prospects of the expat students are not jeopardized due to financial constraints. These loans allow them to pursue their academic career easily and fulfil the dream of acquiring hi�gher education.
The loan amount varies from bank to bank. For instance, the maximum financing provided by Abu Dhabi Islamic Bank is AED 250,000 whereas that of Mashreq Bank is AED 200, 000. This amount also depends on the eligibility of the expat students and their parents. For example, Union National Bank offers the loan amount up to 20 times the salary of an individual and a maximum up to AED 500,000.
It is defined as the time required by the borrower to repay the loan along with the interest. It may vary between one to five years.
To be eligible for a personal loan in the UAE, the expat must fulfil the minimum salary criteria. This criterion may vary from bank to bank. It also depends on the loan amount.
Also known as the interest rate is defined as the percentage of principal that is charged by the lender to the borrower for the use of its money. It varies from bank to bank; Abu Dhabi Bank usually charges 6.78% on the personal loan for expats students and that charged by Union National Bank is 9%.
The processing fee is a one-time charge that is levied by the lender or the bank from the borrower at the time of processing of a loan.
Expat students in the UAE can apply for a personal loan through banks. Some major banks that provide loan for expat students are:
Some university also provides personal loans to expats students. Some of such universities are:
However, to be eligible for a personal loan from a university, an expat student should fulfil the following criteria:
Following is the list of documents that should be kept handy while applying for personal loans in the UAE:
This completes the basic guide about Education and Student Loans in UAE.