Every year millions of students leave their country and shift to a foreign country in order to gain an academic degree. UAE is one such country where students come from all over the world to study. UAE has some remarkable academic institutions that provide quality education and hundreds of students plan to get their education from these institutions but some of them are not financially stable to afford them as tuition fees these days are skyrocketing and are extremely hard to pay. But there is a way these students can pursue an education in UAE through International Students Loan in UAE. These loan facilities help the students in funding their education and become a part of prestigious institutions. Education should be available to every student so that they can achieve greater things in life.
These are private educational loans that are provided to international students. Students that cannot afford their education in their desired academic institutions and are basically on their own are giving these loans. Students with dreams to study in the UAE can avail of these loans to finance their education. These loans are enough to finance student education and the repayment schedules of these loans are flexible with low-interest rates. These loans are payable once the student is graduated. These loans are then used to take care of educational expenses.
There are a couple of ways to get an International Student Loan in UAE; you can either apply for the loan in a bank or in Universities that offer these loan facilities. Getting a loan might sound like too much work but it’s easier than anticipated.
Here is a complete guide that can help a student know more about these loan services.
Most of the universities in the UAE provide financial aid to students in need. These loans are given mostly on eligibility criteria for students regardless of their nationalities.
Loans provided by NYU are specifically designed to fit your needs. They don’t have a fixed amount of loan or interest rates. These loans are given on a merit basis as well depending on the eligibility of a student.
Murdoch University has recently affiliated with Mashreq Bank to provide education loans. At Murdoch, you have a choice between taking a loan that covers the whole tuition fee or some of it. An international student must have a minimum of AED 7000 as income in order to qualify for a loan.
Students are granted a percentage of financial support on the basis of their eligibility. Their financial support ranges from 10% to 40% of your academic fees. A student is required to provide documents and should maintain a CGPA of 2.5 in order to qualify for the loan.
Some banks provide separate student loans while others provide private loans. Loans from banks can range up to AED 1 million. Bank loans are much more flexible with their interest rates and their repayment schedules.
ADCB bank offers loans up to AED 250,000 which can be repaid within 48 months. The student should be eligible for the loan which means you’ll have to be working in order to meet their minimum salary limit. You can also pay your school fees from this loan. Your parents can also apply for this loan on your behalf. Their document requirements are also precise.
The great thing about getting a loan from ADIB is that they ask for only 1% as a processing fee for your loan which can be as low as AED 500 and the highest being AED 2,500. A maximum amount of AED 250,000 can be given as a loan. Your loan can be returned in 48 months through instalments. You will have to provide the bank with your passport with your valid visa attached to it as document proof.
UNB provides loans to not only college students but to students in school as well but it’s not ideal to get a loan from them because their minimum requirement for salary is AED 10,000 which is comparatively really high from other banks but they offer low-interest rates of 9% annually. They provide a maximum of AED 200,000 which is payable within 12 months.
There are a number of other banks that provide student loans that you can take advantage of such as Simply Life, Mashreq Bank, etc. Information about other banks and universities is also provided by Assignment Writing Help. You should keep in mind that you’ll have to work part-time in order to satisfy the loan eligibility criteria for a minimum salary because the banks require some security in return for the loan.