You may think that, as a student in the UAE, it can be pretty difficult to obtain credit. But you’d be wrong.
Indeed, in some cases, taking out student loans is the only way to obtain a good education, and the UAE is now home to quite a few options on that front.
To achieve a good income later on in life, the understanding is you need a degree. If you decide to go to university in Dubai – a city full of self-made millionaires – then trying to find the funds for a college degree can prove difficult. Most banks in the UAE have been slow in developing any suitable options for students (apart from scholarships), and there are few financing options that can make education here affordable. And if your family are overseas, then you have no other option but to rely heavily on family finances.
However, some banks now offer personal or education loans to students to make the burden of education finance a little lighter. Here are some of our top picks.
Mashreq Bank – Mashreq Education Loan
Partnering with Murdoch University, Mashreq Bank offers an education loan to any working student or UAE parents with an income of AED 7,000 or more. You can apply for a loan as high AED 500,000, which should easily cover the whole tuition fee. And the loan will automatically head straight into the university’s account, meaning you can forget about the stress.
National Bank of Abu Dhabi (NBAD) – Student Banking
Not only does this bank offer a specific bank account for students, it also caters to students by giving them a personal loan aimed at financing education. Students aged 18 to 24 can apply, however under-21 students need a guardian’s consent. The loan requires a minimum salary of AED 3,000 and you can take out a maximum of AED 250,000 with no limitations on which university you study at.
Abu Dhabi Islamic Bank (ADIB)– Education Finance
ADIB Education Finance is designed to provide a loan for primary, secondary or university education. You must be 21 or over with a minimum salary of AED 8,000. Although this option doesn’t seem tailored to students specifically, it can help families and allows a complete education experience, with the loan covering everything from books and library fees to transportation and school materials.
Barclays – Executive MBA (EMBA) Finance Loan
Barclays offers an education loan for MBA students with leading international business schools, if you earn AED 8,000 or over. Barclays has partnered with London Business School, CASS Business School, Middlesex University and Murdoch University. The fees can be paid directly at the start of each academic year. The bank understands that MBAs can be demanding, so it doesn’t apply pressure for a payback immediately, offering students the opportunity to make convenient, small, interest-only payments during studies.
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