A Complete Guide to Education Loans for Students in the UAE

Many international students have the goal of pursuing higher education abroad. Studying abroad has become popular especially in the United Arab Emirates (UAE). Due to its unrivalled educational policies, education is less expensive in the UAE than in other nations. However, enrolling in a full-time programme at a university in the UAE comes with a hefty financial burden. Some students struggle to pay for their education loan while studying in the UAE. The nation is a regional business centre where people can adopt a way of life that is well-known on a global scale. For overseas students, the whole expense of attending school in the UAE could seem a little intimidating. In this case, a student loan is required to finish the degree. How can an Indian student finance their studies in the UAE with a loan?

Types of loans for foreign students in the United Arab Emirates

From Universities: A Loan

International students can receive financial aid from the finance departments of almost all UAE colleges. Few of them can provide students with simple loans since they lack contact with banks. Universities provide financial aid programmes that not only cover your expenses but also those of your family.

From Private Banks, a Loan

Banks provide competitively priced student loans. With a personal loan from a private bank, you can use the money for additional costs like rent, daily transportation costs, books, etc. Before applying for a personal loan, students should review the requirements.

Eligibility requirements for student loans for UAE-based universities

Before applying for a student loan to study in the United Arab Emirates, international students need to be aware of a few things. First and foremost, due to their stringent requirements, private financial institutions make it difficult or impossible for students to get unsecured education loans. In this situation, students who want to study in the UAE can apply for secured loans from government banks. These banks, however, have their own set of rules and regulations.

· Students need to have a stellar academic record. Applications for education loans will be rejected if an applicant has academic backlogs.

· Applicants seeking an education loan for a Master's degree are encouraged to include students with solid financial standing as co-applicants.

· To qualify for a Master's education loan, students must have high collateral, or at least as much as their real loan requirements.

Documents needed to apply for a student loan in the UAE

· A duplicate of a current passport.

· A current resident visa.

· A recent three- to six-month bank statement from a student's or parent's account.

· A legitimate duplicate of the university ID card.

· Original salary certificate

· Business licence (for self-employed individuals)

· A security check for the full amount of the loan (if asked by the bank)

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