What is the eligibility criteria to get a student loan in the UAE?

Student Loan Eligibility.

Here are the eligibility criteria for student loans:

  • To obtain a student loan from a bank, you need to submit the required documents, such as a passport, student visa, residence visa, and other documents required by the bank. Student visa guide
  • If you are studying with you, you need to submit a valid salary certificate within 30 days (this is a personal loan on behalf of your parents, used to fund your education, if you are using it, your parents can also provide it).
  • Quote from your school or university to your bank
  • The minimum wage must meet the requirements set by the bank
  • The minimum age must be 21 years old. However, if you are younger, your parents can apply, but you must meet the residency standards set by the bank.
  • Provide bank statements covering account activity in the last three months.

Many banks may have additional requirements to send their wages to banks with loans.

For more information about the bank or student loans, you need to contact the bank or university where the loan was obtained. However, if the loan is not yours, you can always choose to get a scholarship. All well-known universities have scholarship programs. If students want help in writing, they can contact ghost writers for hire.

What are the student loan options for your university? The loan schemes of the most famous universities in the UAE are:

1.    United Arab Emirates University (UAEU)

The country’s national university, UAEU, has a dedicated finance department for student loans to students from low-income families. In addition to getting cash assistance and fee waivers from them, you can also get other conveniences, such as health insurance, travel air tickets, regular health checks, residence visa fees and UAE ID fees. UAEU cooperates with foreign embassies in your home country to make campus life easier (please consult the university). UAEU provides financial assistance in student loans and iPad and laptop loans.

2.    New York University (NYU), Abu Dhabi

New York University does not provide a fixed student loan amount or interest rate. This is why New York University is so unique. The student loan offered by this university is tailored to your specific circumstances to meet your specific requirements fully. Scholarships and bursaries are the most common forms of financial assistance on the New York University Abu Dhabi campus. You can also get it based on benefits. Depending on your qualifications, the financial support provided by this university can cover all attendance expenses, including tuition, course travel expenses, accommodation, personal expenses and health insurance—first, the cost of your books, and so on.

3.    Murdoch University

Murdoch University has only recently begun to provide student loans. They did this in cooperation with Mashreq Bank. At Murdoch University, if you have financial difficulties, you or your parents can apply for an education loan. However, if your parents apply for a loan on your behalf, you must first qualify as a UAE resident. Otherwise, they will reject the loan application. You can decide whether to apply for a loan amount covering all tuition fees or part of the loan amount. However, before applying for a loan, you need to ensure that your minimum income is AED 7000. Therefore, if you are an international student and your parents cannot get a loan, please be prepared to work part-time.

Below are the top 5 private lenders and their loan plans:

1.    Mashreq Bank

As mentioned earlier in this article, Mashreq Bank has officially partnered with Murdoch University in Dubai to provide students with simple education loans. With this loan, you can enjoy certain benefits, such as easy paperwork, fast loan payments, the ability to replenish the loan when you need future financial assistance, and a free credit card.

In addition to Murdoch University loans, you can also choose personal loans designed specifically for foreigners of Mashreq Bank. You can get the loan in just 24 hours. However, your minimum wage must be 5,000 AED to be eligible for this loan. Therefore, if you are studying and do not want to work part-time, it may not be your best choice. The advantage is that you can repay it in full within 20 years, and the paperwork is very simple. In addition, depending on your qualifications, you can get a student loan of up to 1 million dirhams.

2.    ADCB Bank

You or your parents (on your behalf) can apply for education loans provided by this bank. If you are still in school, you can use this loan to pay your tuition. The application process is very simple. You do not need to transfer your salary to your ADCB bank account to get this loan. You must be a working individual and meet their minimum wage limit, which means you need to work part-time. You can get a loan of up to AED250,000 and repay it within 48 months. For your convenience, the repayment method is also very flexible. The documentation process is also very simple.

3.    Asian Development Bank

ADIB Bank provides students with very attractive educational loan options. You only need to pay 1% of the loan amount as a handling fee. This means that you must pay at least AED 500 and AED 2,500. The loan amount you can get from them is AED250,000. Loan repayments can be easily apportioned for up to 48 months. Fortunately, besides the free Visa cashback card issued by ADIB, you can also choose to defer the loan for free. The documents required to submit this loan are a passport (because you are a foreigner, you have a valid visa), proof of salary (within 30 days) and a university quotation. Go to the bank.

4.    Simple Life

Simply Life’s loans can also be used for education and have many benefits. You can borrow a large amount of AED 200,000 without transferring your salary to Simply Life’s bank account. However, if you intend to transfer your salary, your loan amount will increase significantly, and you can borrow up to AED 500,000. There is also a flexible repayment option that allows you to repay within the standard 48 months. This is almost the standard of most banks in the country. The biggest advantage is that you don’t need to pay any additional fees if you settle the loan on your own without using any additional funds.

5.    United Nations National Bank (UNB)

UNB’s education loans are open to everyone, and you can use them for school and university education. However, the minimum wage is very high (AED 10,000) and may not be the best choice for low-income earners. However, the interest rate is very low (9% per year), and you can get a loan that covers the entire course fee. You do not need to transfer your salary to the bank to use this loan. The maximum loan amount available from UNB is AED 200,000, and one should repay it within 12 months. You need to submit passports, UAE ID cards, payslips, and bank statements. If you need it, UNB can also provide you with short-term emergency loans.

These are the top five education loans private banks provide for receiving and completing higher education in the UAE.

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