After completing their entire schooling in the UAE, many residents opt for higher education in the country too. Although, despite the various scholarship programs offered by universities in the Emirates, pursuing high education here can get costly.
In the UAE, apart from banks, certain universities offer student loans too that give students a chance to study further in the country without having to worry too much about finances. This option is also convenient for parents who may not yet be ready for their child to leave the nest and study elsewhere.
For citizens pursuing higher education, banks offer interest-free loans. There are also various scholarships programs and grant that have been put into place to support their educational ventures.
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Although banks offer loans to local students, many also give to expats residing in the country. Here is a guide to getting a student loan.
Documents required
The application process and requirements may differ from bank to bank and college to college, but some of the basics remain the same. They are as follow:
- For expats applying, they need to show an original passport along with the copy
- Bank statement from three to six months
- Residence Visa
- Salary certificate (For those who may be self-employed, a trade license needs to be shown)
- University ID
- Fee requirement from the university (this should be provided by the educational institution)
- Some banks may require a security cheque
Are you eligible?
To apply for the loan, the applicant must either be a citizen or a resident of the UAE. They must also fill out the following criteria:
- They must be between the ages of 21 to 65 years old
- According to most institutions, applicants must be earning a minimum salary of Dh7,000. This may differ from bank to bank.
Important things to know
Apart from tuition fee, these loans may also cover accommodation, transportation and other costs.
For UAE nationals, maximum age at time of completion of finance tenor should be 65. For expats, the maximum age is 60 years.
Some banks also offer instalment postponement options. For instance, ADIB offers this twice a year.
The loan repayment time given by most banks is three years. This may differ from bank to bank.