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Education is an essential part of everyone’s life. It is a sort of defining factor that lays the foundation for a better lifestyle. However, in the current scenario, education has become expensive. In such scenarios, you can opt for financing to support this cost, and this is where the ADIB Education Finance for Expats.
Education finance is nothing but a curated financial product that helps you to support your educational expenses. This will include your college or university tuition fee, cost of other study materials, accommodation expenses (in some cases), and others. Once the course is over and you secure employment, you will have to repay the loan as specified in the loan agreement.
Financial institutions like ADIB offer such credit options against favourable terms. Read on to know more.
Here are some of the features of education finance you should consider when applying for one:
For applying for a personal loan, the applicant needs to have a minimum salary of AED 8,000.
The interest in education finance is quite low in the UAE. Expats have sanctioned loans at a flat rate of 3.72% or a reducing rate of interest of 6.75%.
To be eligible for an ADIB personal loan to finance the educational needs of expats in UAE, you need to meet the following eligibility criteria:
To get ADIB education loan sanctioned, a person needs to submit the below-mentioned documents -
After furnishing all these documents, the process of a personal loan in the UAE will be complete. Afterwards, you will receive confirmation from the bank.
Note - The specifics of loan application for each university is different. You need to visit the university’s website to procure more knowledge on their loan requirements.
Just like the rest of the system, the application procedure for an ADIB personal loan (education finance) is quite simple. Expats applying for education finance at ADIB can do so through two methods, online and offline. Both of these procedures are discussed here:
The steps mentioned below need to be completed for an online application process for education finance with ADIB:
If you are not comfortable applying for a loan through online mode, then you can get the loan sanctioned offline mode. Visit the nearest ADIB branch to complete the education finance settlement procedure, thereby filling out an application form.
The ADIB Headquarters address:
A non-UAE resident or expat can get education finance to get a higher education loan.
To sum up, ADIB education finance for expats is a great way of meeting the cost of higher education. With a financial product like this, you, as a parent, can refrain from liquidating your savings to meet the cost of your children’s studies and keep supporting them.
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