ADCB Education Loan
Benefits: The bank provides loans of up to Dh250,000 to parents who want to finance their children's school fees or those who want to pursue an MBA. The loans can be repaid over up to 48 months and the minimum salary requirement is Dh8,000 per month. Interest is charged at between 10 and 12 per cent on a reducing-balance basis. Watch out for: Salary transfer is required for loans of more than Dh150,000 and a processing fee of 1 per cent of the amount or Dh500 applies.
ADIB Education Finance
Benefits: The bank provides financing of up to Dh250,000, which can be paid back over up to 48 months. The bank says the amount can be used to cover not only tuition fees but also books, transportation and related expenses. There is a free postponement option. Applicants need to make a minimum of Dh5,000 a month. Watch out for: A processing fee of 1 per cent or a minimum of Dh500 and a maximum of Dh2,500 applies.
FGB Personal Installment Loans
Benefits: The bank says the facility can be used not only to pay education expenses but also for holidays and other plans. Loans of up to Dh200,000 can be taken up, and the bank does not insist on a salary transfer. FGB has a loan top up facility of 1 per cent and allows for instalments to be deferred. Watch out for: Interest is charged at 24 per cent on a reducing-balance basis. A processing fee of 1 per cent or a minimum of Dh500 applies.
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