After finishing their entire education in the UAE, numerous residents choose to continue their studies in the country. Despite the various scholarships provided by universities in the Emirates, obtaining higher education can be expensive. In the UAE, besides banks, some universities also offer student loans, enabling students to pursue further education without significant financial stress. This option is particularly convenient for parents who are not yet ready for their child to study abroad.
For citizens seeking higher education, banks provide interest-free loans. Additionally, there are various scholarship programs and grants in place to support their educational endeavors. Banks not only offer loans to local students but also extend them to expatriates living in the country. Here is a guide on obtaining a student loan.
Documents Required
The application process and requirements vary between banks and colleges, but some basic documents remain consistent. For expatriates, they need to present an original passport along with a copy, a bank statement from the last three to six months, a residence visa, a salary certificate (or a trade license for self-employed individuals), a university ID, and a fee requirement from the university (provided by the educational institution). Some banks may also request a security cheque.
Eligibility Criteria
To apply for the loan, the applicant must be either a citizen or a resident of the UAE and meet the following criteria: they must be aged between 21 and 65 years, and according to most institutions, earn a minimum salary of Dh7,000, although this may vary between banks.
Important Information
These loans can cover more than just tuition fees; they may also include accommodation, transportation, and other expenses. For UAE nationals, the maximum age at the completion of the finance tenor is 65, whereas for expatriates, it is 60 years. Some banks, like ADIB, offer installment postponement options twice a year. The typical loan repayment period offered by most banks is three years, though this can vary.
