Education can be the defining factor that leads to better jobs and a better way of life. As a result, it is critical to pursue higher education in order to gain knowledge, skills, and values. The good news is that, aside from scholarships, students in the UAE have access to a variety of financing options, including student loans. Continue reading to learn more about the conditions, requirements, and application process for obtaining a student loan in the United Arab Emirates.
WHAT IS THE ELIGIBILITY CRITERIA TO GET A STUDENT LOAN IN THE UAE?
The process to apply for a study loan for international students in the UAE has certain requirements. You must:
- Be a UAE national or resident
- Aged between 21 and 65-years-old
- Earn a minimum salary of AED 10,000 a month
- Have a current account at a bank that offers education loans
WHAT ARE THE FEATURES OF A STUDENT LOAN IN THE UAE?
Here are some characteristics of the education loan you should consider when applying for one:
- Loan Amount: The amount varies from bank to bank. Some banks in Dubai offer a minimum loan of up to 10k. The amount available will depend upon your (or your parents) eligibility.
- Student Loan Repayment Tenure: The duration to repay a sanctioned loan is usually up to 48 months.
- Interest Rates: They vary depending upon your salary and the bank’s policies. ADIB charges 6.75%, while the interest rate of other banks will differ.
- Early Settlement and Processing fees: The rates are subject to the policies of banks. Make sure to check with your bank at the time of your loan application.
WHO IS OFFERING A STUDENT LOAN IN THE UAE?
THE UAE BANKS
There are several banks in the UAE that offer student loans. Here’s a list of the popular banks in Dubai and other emirates to borrow personal loans for expat students in the country:
- Abu Dhabi Commercial Bank (ADCB)
- Union Bank
- Mashreq Bank
- Emirates NBD
- RAK Bank
- Abu Dhabi Islamic Bank (ADIB)
- Union National Bank (UNB)
- Dubai Islamic Bank
UNIVERSITIES IN THE UAE
While there are many universities in the UAE, here are some that offer education loans to their expat students:
- UAEU (United Arab Emirates University)
- American University in the Emirates (AUE)
- Abu Dhabi University (ADU)
- Middlesex University
HOW CAN I GET A STUDENT LOAN IN THE UAE?
The process for student loan application is similar to that of applying for a personal loan in the UAE with a few additional steps and/or requirements. The application process will differ dependent on whether you’re applying for a student loan through a bank or a university.
You must submit the following documents to secure a loan from the bank:
- Valid passport in original and a copy
- Valid residence visa
- Bank account statement for the last 3 months
- Copy of University ID card or Enrolment card given by the university
- Quotation addressed to the bank from university or school
- Salary certificate in original
- Bank Statement of Salary for last 6 months in original
- A security cheque with 120% of the loan amount (if asked by the bank)
Wait for the approval
The student loan application process for each university is different. Visit your preferred university’s website to learn more about their loan requirements.