Student loan in UAE in 2024

Student loan in UAE in 2024

Your chance of getting a university degree just got easier, with the introduction of student loan in UAE. Which allows student to get educational loan to help them fund their education.

Students now have easy access to  a higher education at a minimum expenses, all thanks to the government, banks and some instructions.

With the high cost of tuition fees many students in UAE now rely on students loan to finance their studies. So this post will guide you on how to get your students loan.

Also read 5 effective ways of saving money as a.students

Dubai the capital city of UAE is working to end the rate of uneducated youths, this is through their student loan plan. Where student’s get educational loan to help them pay for their tuition and other educational expenses.

Students in Dubai can now go to school without having any money to pay for their tuitions. All you should do is to apply for the UAE student loan and once approved, they will send the money to your account. While you continue facing your book

Due to the importance of education to the society, the UAE government has provided a student loan to help indignant students pay their tuition fees and other educational bills.

Student loan in UAE

What is a student loan

Just like every other loan, Student loan  are specially designed to bring financial assistance to students by helping them cover the cost of their tuitions fees.

Many people are applying for this student loan in UAE, of you are interested this post will guide you on how to apply and the repayment plan.
Read on to understand how the student loans in UAE works , requirements needed, and how to apply.

Who is eligible for the Student loan in UAE

Before you get the Student loan UAE, you must first of all meet some certain criteria. If you get all of them checked you are on your way to get your tuition fees taken care by the UAE students loan.

Also read : How to get 500k loan in Nigeria

To apply for the student loan UAE, you must meet some of these requirements

• You must be between 22 to 65 years
• You must be a citizen of UAE or a resident.
• You earn atleast AED 7500 a month.
• Your family annual income should not be less than $400 per year.

who is offering a student loan in UAE

1. The UAE Banks

Many banks in the UAE are offering students loans, that’s why we have compiled a list of banks you can get your students loan from in UAE

• National banks of Abu Dhabi
• Dubai Islamic Bank
• Abu Dhabi Islamic Bank (ADIB)
• Union Nation Bank
• Sharjah Islamic Bank
• RAK bank
• Barclays
• HSBC
• Emirates NBD
• Mashreq bank

The above banks offers student loans to qualified students.

Universities in the UAE

Just Like the banks there are some Universities that offers free student loans in UAE.

Here are some institutions that offer financial aid to students.

• Middlesex University
• American University in the Emirate’s (AUE)
• Abu Dhabi University (ADU)

This above listed banks are some of the places to get your students loan approval.

What credit score is needed for student loan in UAE

As a student to get a student loan in UAE, you must first of all meet the required credit score. When it comes to student loans banks and other financial institutions always look out for a credit score of 700 and above.

So, for you to get a student loan in UAE you must first of all meet the required credit score. This will enable you to sit up in your academics.

How to apply for student loan in the UAE

The steps involved in applying for a student loan is the same as to when you are applying for a personal loan. Though there are few requirements and documents needed to apply for a student loan.

There may be a difference in the requirements if you are applying from a bank to when you are applying from the institution.

Applying for a student loan is quite simple, you just need to follow the steps listed below;

• Get a valid passports
• A valid resident visa
• Bank account statement for the last three to six months.
• A copy of your enrollment or ID cards issued by the university.
• A quotation addressed to the bank from your school is needed.
• Salary certificate in original

What is the loan repayment Time?

As a student, the student loan repayment plan usually extends up to 48 hours, but you should always check with your banks to know if their repayment plan is also the same.

That brings us to the end of this post on how to get a student loan in UAE. We hope you make great use of this post to achieve your educational loan. If you have any questions or suggestions kindly use the comment box below.

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