ADIB Education Finance for Expats

Education is an essential part of everyone’s life. It is a sort of defining factor that lays the foundation for a better lifestyle. However, in the current scenario, education has become expensive. In such scenarios, you can opt for financing to support this cost, and this is where the ADIB Education Finance for Expats.

Education finance is nothing but a curated financial product that helps you to support your educational expenses. This will include your college or university tuition fee, cost of other study materials, accommodation expenses (in some cases), and others. Once the course is over and you secure employment, you will have to repay the loan as specified in the loan agreement.

Financial institutions like ADIB offer such credit options against favourable terms. Read on to know more.

ADIB Education Finance for Expats

• Minimum Salary AED 8,000
• Monthly Payment AED 2,245
• Flat Rate 3.72%
• Reducing Rate 6.75%

• Salary Transfer
• Islamic Finance

 

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Features and Benefits of ADIB Education Finance for Expats

Here are some of the features of education finance you should consider when applying for one:

1. ADIB sanctions education finance for expats up to AED 250,000.
2. The repayment tenure of an education loan for expats is up to 48 months.
3. There are two options to choose from – flat rate and reduced rate. Flat rates start from 3.72%, and the reducing rate starts from 6.75%.
4. The early settlement fee is 1% of the remaining loan amount.
5. Have the option of comprehensive Takaful coverage on personal finance.
6. There is no processing fee on the ADIB Education Finance for Expats.
7. You can enjoy an instalment holiday of 120 days.
8. Also, you have the liberty of postponing two instalments each year.

Income Salary for ADIB Education Finance for Expats

For applying for a personal loan, the applicant needs to have a minimum salary of AED 8,000.

Interest Rate for ADIB Education Finance for Expats

The interest in education finance is quite low in the UAE. Expats have sanctioned loans at a flat rate of 3.72% or a reducing rate of interest of 6.75%.

Eligibility for ADIB Education Finance for Expats

To be eligible for an ADIB personal loan to finance the educational needs of expats in UAE, you need to meet the following eligibility criteria:

• Applicants need to be in the age bracket of 21 to 60 years
• The minimum salary of individuals should be AED 8000
• The employer should be on the approved list of ADIB
• Salary transfer is mandatory

Documents Required for Education Finance for Expats

To get ADIB education loan sanctioned, a person needs to submit the below-mentioned documents - 

1. Valid original passport along with its copy (This rule applies only to expats)
2. A valid visa of residence
3. Bank account statement of the last 3 months, only if the salary is not credited to Abu Dhabi Islamic Bank
4. Current salary transfer letter or a salary certificate addressed to ADIB
5. University or school quotation addressed to the bank
6. For self-employed people, a trading licence needs to be furnished

After furnishing all these documents, the process of a personal loan in the UAE will be complete. Afterwards, you will receive confirmation from the bank.

Note - The specifics of loan application for each university is different. You need to visit the university’s website to procure more knowledge on their loan requirements.

How to Apply for ADIB Education Finance for Expats – Application Procedure

Just like the rest of the system, the application procedure for an ADIB personal loan (education finance) is quite simple. Expats applying for education finance at ADIB can do so through two methods, online and offline. Both of these procedures are discussed here:

ADIB Education finance for Expats – Online Application Procedure

The steps mentioned below need to be completed for an online application process for education finance with ADIB:

• Step 1 – Visit the official website of ADIB.
• Step 2 – Navigate to the ‘Personal’ option and hover the cursor on ‘Finance’, and click on ‘Education Finance’.
• Step 3 – On the bottom of the redirected page, click on ‘Apply Now’ under the ‘Online’ option. 
• Step 4 – Fill in the necessary details that are asked in the form. Then click on the option of ‘Submit Request’ and follow the remaining instructions for completing the online debt education finance process. 

ADIB Education Finance for Expats – Offline Application Procedure

If you are not comfortable applying for a loan through online mode, then you can get the loan sanctioned offline mode. Visit the nearest ADIB branch to complete the education finance settlement procedure, thereby filling out an application form.

The ADIB Headquarters address:

• HQ Address: Sheikh Rashid Bin Saeed St (Old Airport Road) opposite Hilton Capital Grand Hotel.
• Phone Number: 600543216

A non-UAE resident or expat can get education finance to get a higher education loan. 

Final Words

To sum up, ADIB education finance for expats is a great way of meeting the cost of higher education. With a financial product like this, you, as a parent, can refrain from liquidating your savings to meet the cost of your children’s studies and keep supporting them.