Your quick guide to student loans for higher education in the UAE

1. Your quick guide to student loans for higher education in the UAE The United Arab Emirates is a hub of world-class universities that offer amazing opportunities for students looking to pursue their higher education. Now, the cost of studying abroad can be pretty steep. Afterall, you have to pay not only for tuition but also for your accommodation, meals, and so on in a foreign land. Therefore, in order to afford the expenses incurred during their course at the university in the UAE, many students turn to education loans. Now, if you too are one of the students wishing to take a student loan for UAE universities, there are some financing formalities that you need to be aware of. To help you gain a better understanding, the following article will enlighten you about the eligibility criteria, documentation required, and the expenses covered if you take a student loan for the UAE. Eligibility criteria Students need to meet the eligibility criteria laid down by the bank or financial institution before they apply for an education loan. These criteria may differ from lender to lender. The following are the general criteria that one needs to meet when taking a student loan for the UAE. ●The applicant must be a citizen of India ●The applicant should be at least 18 years old or their parents or guardian will have to apply for the loan ●The applicant must have a good or above average academic record ●The applicant must have secured admission to a recognized university in the UAE ●The applicant must have secured admission in a career-oriented technical or professional course Please note that taking a student loan for UAE universities requires a co-borrower. The co-borrower can either be the parents or guardian of the candidate. Documentation The following are the documents that are to be submitted to the loan provider once you are deemed eligible for the loan. Bear in mind that the paperwork and documents may vary a little between lenders. ●A duly-filled education loan application form

2. ●Applicant’s identity proof (Aadhaar card/PAN card/ passport/ driver’s license/ voter’s ID) ●Applicant’s residential proof (copy of electricity bill/ telephone bill/ gas bill, passport, Aadhaar card) ●2 passport sized photographs of the applicant ●Academic records of the applicant (10th and 12th standard mark sheets along with graduation degree and semester-wise results) ●Results of the entrance examination ●Proof of admission such as conditional admission letter from the UAE university ●Statement of tuition fees along with the schedule of other expenses that are to be covered during the course period ●Bank statements of the applicant and the co-borrower ●Co-borrower’s income tax returns and salary/income proof These are some of the documents required for a student loan for the UAE. Your financer may request for other documents as per their requirements. Expenses covered Here are the expenses that are generally covered in a student loan for UAE universities: ●College tuition fees and hostel charges ●Charges for the purchase of study material ●Examination, library, and/or laboratory fees ●Costs for travelling and groceries ●Other overhead expenses such as the purchase of a laptop, project work expenses, and so on Remember that the terms of coverage for education loans can vary between lenders. Do be sure to speak to your financer about their unique requirements for eligibility and documentation. Also make note of what they will cover in your student loan for UAE universities. Hope this article has clarified all your doubts about taking a student loan for the UAE. Good luck! RELATED ARTICLE:- Is taking a study loan for the UAE worth it