Need help paying next year’s high schooling or want to save for your child’s future college fees? Here are four products worth considering:
UAB Cash Flow Loan
Provides a loan of up to Dh400,000 for education fees or rental payments, available for those on the bank’s approved employer lists, payable in up to 12 monthly instalments. Interest rates start at 3.99 per cent. No minimum length of service required, so suitable for newcomers to the UAE.
Citibank Income Builder Plan – Education
An insurance product that allows customers to plan for the cost of higher education via regular contributions (determined according to education goals), starting at US$150 per month. Underwritten by American Life Insurance Company (MetLife Alico).
NBAD Gems Titanium Credit Card
Allows parents to pay off their Gems school fees over 12 months interest free (if you make the payments in time), giving reducing discounts of up to 9 per cent on fees. The card has no annual fee, and offers discounts on items including cinema tickets. Be sure to make payments on time to avoid additional interest costs.
ADCB Education Savings Plan
An investment scheme designed to plan for children’s higher education costs via regular contributions over a long period. An investment schedule is calculated according to the forecast amount of education fees to be paid. Contributions can be made on a monthly, quarterly, semiannual or annual basis, or in a single lump sum, with early regular contributions recommended.
jeverington@thenational.ae
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