How to apply for student loans in the UAE

Education in the UAE is an important part of developing young minds into a better future. The UAE has many universities, colleges, and educational institutes that provide high-quality education standards needed to accomplish greater things. Along with the many local universities, the UAE is also expanding its reach to bring down many international universities inside the country. Whether you plan to study in Dubai or take a short course in one of the universities in the UAE, you can rely on the facilities and resources provided by the country to let dreams come alive.

While dreaming of a better education can be simple, the process of getting it is quite hard for many students from all around the world. This is why there are many student loan programs and scholarships that are available to look into while choosing the right university.

In the UAE, the process of applying for a student loan and a personal loan is the same. There are few things that you need to keep in mind before applying for the loan. Here is what you need to apply for a student loan:

1. The student must possess a valid passport in original and a copy of it
2. Should possess a valid residence visa
3. A bank account statement for the last 3 months should be provided to the specific bank you are requesting a loan from.
4. A copy of the University ID card or the Enrolment card
5. A quotation addressed to the bank from the university that you have chosen to study
6. A salary certificate to be eligible for the loan
7. Bank statement of salary for the last 6 months
8. If in case the bank asks for the security check it should be with 120% of the loan amount.
9. Once these documents are handed over to the bank, you must wait till they approve your loan request.

Banks in the UAE offering student loans:

There are many local banks in the UAE that allows a certain amount of loan for either personal or educational purposes. Here is a list of the most popular banks in the UAE offering student loans:

• Union Bank
• HSBC
• Emirates NBD
• Mashreq Bank
• Dubai Islamic Bank
• Abu Dhabi Commercial Bank (ADCB)

The local and international banks in the country are not the only places where a student can get a loan from. Many universities offer a student loan for their expat students in the country. Here are some of the most popular universities offering student loans in the UAE:

• United Arab Emirates University
• American University in the Emirates
• Abu Dhabi University
• Middlesex University