National and international students especially those who are from the mid-class family always expect the student loan in Dubai. The financial constraint or not enough parent’s income to support their children’s education. The students compelled to seek financial assistance from their relatives or education loan from the bank.
It does not matter whether parents are rich or least earner, they have the dream of getting their children’s education from the top university of the world. Even borrowing money from relatives or any financial organization just like the banks. Parents send their children for higher education to the university which provides the top level of education.
As the competition has risen every walk of life, without quality education you can not compete in today’s job market and it will be even more difficult tomorrow. If you want to get higher education from the world top university at lower-cost compared to the USA, Canada, UK, and Australia as well as other western countries. Dubai could be the best alternative location for your education.
Dubai has not only become a popular place for work but a popular destination for international students to obtain higher education. In today’s competitive world it is very hard to find the best job opportunity for candidates who don’t have a higher degree from the prominence university.
Where can you find the top universities in Dubai?
Dubai international academic center (DIAC) and knowledge village have emerged as the new hub of the international and local universities, college branches and professional training centers.
Although universities are cheaper than western countries they are still expensive for the student whose parents do not have sufficient funds for their children’s education or their monthly income could not cope with university fees along with other financial burdens.
Just like the other advanced country, the government of Dubai and Universities here allow the student working part-time in certain sectors. The result for this, students can earn their tuition fees and pocket money both are an additional cost for their parents besides the regular fees.
Either you are the parents or the student looking for a world-class education for you or your children. Dubai universities have been providing this at a reasonable cost. Don’t worry, if you don’t have the capacity to afford full education expenses for your university studies. The top banks in Dubai provide flexible student loans to the students or their parents.
How to get an education loan in UAE?
There is no doubt, The parents can seek education loans in this country on behalf of their children’s education but they must have the UAE residence visa or the UAE national.
Another way the students themself on residency or student visa aslo eligible for student loans but they should be employed by any company even if par-time.
There are the two-channel to get the student loan in the United Arab Emirates those are as following;
- Apply for a loan in the UAE bank.
- A loan through the UAE universities.
UAE banks offer education loans to the individual student or your parents to ensure that you don’t jeopardize your university study because of financial limitations.
The different bank has a different requirement to qualify the education loan in UAE but I want to make sure you that, it is not a big deal if you have a good credit score in this country.
In this post, I would describe the popular banks of the UAE that provide student loans in this country.
A. Education loan in UAE Banks
1. Abu Dhabi Islamic Bank
ADIB offers an education loan to the parents who want to provide the best education for their children. Many parents have a dream to send their children to the best university in the UAE but the financial constraint always makes harder for the dream comes true.
Although you could not pay the amount of money that is needed by the UAE Universities for admission and annual fees at a time. You must have the financial capability to pay the bank installment for qualifying the student loan with Abu Dhabi Islamic Bank.
Feature of the loan
- Loan amount up to AED 250,000
- installment up to 48 months
- Free postponement option
- Free ADIB Visa card for the first year
- ADIB Education finance for recurring fees and admission
- financing for the tuition fees.
Eligibility;
- Minimum salary: AED 8000 (parents or student)
- Age of the student: 21 Years
- length of services: Confirmed or 6 months
Requirement documents;
- Original and copy of valid passport
- valid residence visa for expatriates
- Original and copy of valid Emirates ID
- Last 3 months bank statement
- Quotation from School or University as per the bank format.
Application methods;
- apply online
- through telephone call
- visits to the bank branch.
2. Union National Bank Student Loan
Not only the Union National Bank provides the education loan to the students in India but also it offers similar types of loan to the overseas Indian national. In the UAE, the bank provides the maximum amount of education loans compare to the other banks in this country.
Feature of the loan;
- You can get a loan up to 20 times of your salary (Maximum amount is AED 500,000)
- You can get the postponement of your loan repayment but per postponement comes with AED 100 additional cost.
- Per year allows postpone up to 2 installments.
- You’ll get free of cost UNB credit card
- Loan matured duration can be up to 48 months.
Eligibility Criteria:
- You must be UAE nationals or resident expatriate
- Minimum Salary: AED 5,000 per month
- Minimum Age Requirement: 20 and a half years (At the time of application).
Documents Required:
- Original salary certificate
- 6 months Bank Statement of Salary Account
- Passport copy with valid visa stamping
- Copy of Emirates ID card
- Salary Transfer Letter
3. Mashreq Bank education loan
Mashreq Bank is another Emirati bank which offers the education and personal loan to the UAE nationals and expatriates residence. If you or parents, have employed in a company and could able to submit a 3-month salary A/C statement you can apply for a student loan in Dubai.
Feature of the loan;
- Maximum Loan Amount: AED 200,000
- Loan Repayment tenure of up to 48 months
- Availability of Islamic Financial option
- Simple documentation and quick processing
Eligibility Criteria
- Minimum Monthly Salary: AED 7,000
- currently employed in a company for a minimum of one year.
Documents Required:
- Salary Certificate
- Copy of valid Emirates ID
- A security cheque with 120% of the loan amount
- Filled personal loan application
- Copy of valid residence Visa
- Copy of valid Passport
- Bank Statement for the last 3 months
4. NBAD Student loan in Dubai
Among the other loan products, the NBAD also provides an education loan to the UAE nationals and the expatriates’ students to meet the financial needs for achieving higher education from top universities.
Eligibility Criteria:
- You must be UAE nationals or resident ex-pats.
- Age limit: Between 21-24 years (college and university students)
Documents required:
- Copy of University ID card
- Enrollment card of the University
- Copy of Emirates ID card
- visa or passport
- Salary Certificate.
5. SimplyLife:
SimplyLife offers a complete financial package that suits the student and their parent unique needs. It also covers a range of financial products including loans, repayment options, credit cards, and other benefits.
Feature of the loan
- Advantageous pricing and simple eligibility.
- A chance to participate in a Continuous Professional Development (CPD) program.
- Get a chance to enroll for a sponsored Master’s Program with an internationally acclaimed university.
- Get a chance to win trips to international destinations, tickets to local attractions and staycations.
Eligibility:
- UAE national or international student is employed by any company.
- Minimum Salary Requirement: AED 5,000
Documents Required:
- Application Form
- Passport copy
- Labour Card / Govt issued ID card copy
- Emirates ID card copy
- Salary Certificate
- Salary Transfer/Assignment Letter (if applicable)
- 3/6 months bank statement (Personal)
6. ADCB (Abu Dhabi Commercial Bank):
Abu Dhabi Commercial Bank is a UAE financial institution which provides the student loan in Dubai. To apply for the education loan to ADCB you should be either a student or the parent.
Although the bank needs a higher salary for qualifying the education loan in Dubai it has a simple loan processing system that allows you to get it at a fast pace.
Benefits:
- Simple documentation
- Low-interest rate to offer
- Long repayment time periods
- Free credit card facility
- Credit Life Insurance
- The maximum loan amount is AED 250,000
Eligibility:
- UAE National or resident of expatriates.
- the minimum monthly salary AED 8,000
Documents Required:
- Application Form
- Passport copy
- Labour Card / Govt issued ID
- Emirates ID
- Salary Certificate
- Salary Transfer/Assignment Letter
- 3 months bank statement
B. Loan Application Universities in UAE:
The universities of Dubai also offer a lot of opportunities to international students including education loans, scholarships and job placement opportunities in the various companies.
Although you are an international student and don’t have anyone support in Dubai, you can look for an education loan from UAE banks by obtaining a recommendation letter if you have capacity to pay the monthly bank installment. First, contact the respective department and get consultant services over there.
As I was saying about eligibility for the education loan from the UAE banks the universities in the UAE also need some requirement to qualify for the loan recommendation.
Although the different university has a different requirement here are some common criteria most of the students should be met.
- Regular university student
- Has a valid UAE student visa
- satisfy the maximum salary criteria if you’re a part-time job holder
- specified monthly income of the parents
- A UAE personal bank account
- valid university ID card and Student’s ID card
Not all the universities in the UAE provide or process the education loan on behalf of their students because that is not their business.
But some prestigious universities assist their international students to seek education loan in Dubai.
1. UAEU (United Arab Emirates University):
The university has established the financial aid department to support the student from low-income families. Any student in a low-income family in the UAEU allows submitting eServices for financial aid.
With the increasing, numbers of Non-Emirati students, it has established the non-national student office which is responsible to discuss the visa related matters, health insurance, financial issues, and other educational issues.
If you want to get the student loan in Dubai, first, you should get prescribe from the Non-Emirati student department they would guide you the right way to contact the university department which is responsible for financial aid to the students.
2. Abu Dhabi University (ADU):
The ADU is based in Abu Dhabi the capital city of the United Arab Emirates with additional campuses in Dubai, Al Ain, and Fujairah, etc. Just like the UAED this university also has a financial aid program for the students who are really needed.
You can get the 10%-40% discount on the annual fee to depend upon your eligibility.
The first Eligibility Criteria:
- A minimum of 2.5 CGPA is essential
- You have to enroll for 6 credit hours a third or
- 3 credit hours for winter and summer.
- You should meet the English language proficiency requirements.
Abu Dhabi University provides opportunities for international students to work a part-time job in any organization in the UAE. If you have met the bank’s criteria for the education loan. You can contact the student relations officer who can guide you in the right way for acquiring the bank loan. In addition, they would provide you the university quotation that is required for the student loan in Dubai.
American University in the Emirates (AUE):
The American University in UAE is an international university based in Dubai. The University offers various academic programs at undergraduate and graduate levels.
As being one of the top universities in the UAE it grants both academic level students a variety of financial aids including, scholarships, discounts in tuition fees and helping the student to get the education loan from the UAE banks.
Conclusion: It is very easy to talk about getting the education loan in Dubai but in the practice, it’s a hectic process that will take more time and need many criteria to pass. If you are UAE national it is easy to get the student loan in UAE but for the international students who just come for the study difficult to attain loans without employed from any company in UAE.
Whether you apply for a loan from the university quotation or yourself you must meet the bank’s criteria rest are the formal matters only. As if the bank managers believe you are the secure person to provide the loan 100% sure you would get it but if they don’t believe in your financial capacity to repay the loan you would not get the student loan in Dubai.
