Scholar plus Loan for higher education financing an initiative by Emirates NBD
Emirates NBD, one of the main banks in the region have launched Scholar plus Loan, a program for families looking for monetary assistance for university education, either in the UAE or overseas.
In accordance with the banks commitment to developing the UAEs human capital and making advanced education progressively moderate for its customers, the Scholar Plus Loan will enable the parents of prospective students to fund their wards higher studies at their institution of choice. The loan will also be available for customers who intend to join part-time courses while staying employed, to improve their knowledge base and supporting career advancement.
Scholar Plus Loan clients will be qualified to avail the Emirates NBD GlobalCash Card at no fee. This multi-currency prepaid card can be loaded with 15 different currencies, allowing students to easily manage expenses on arriving at their foreign destination. The loan will feature a double insurance cover to help protect families by which, in case of any unforeseen circumstances, the outstanding loan amount will be waived off and a sum equivalent to the original loan amount will be paid to the nominated beneficiary to ensure continuation of the students education. Further, preferential FX rates will be provided to help remit the required funds to the university.
The launch of Scholar Plus Loan mirrors our responsibilities in creating propositions that support our customers in achieving their dreams, said Suvo Sarkar, Senior Executive Vice President & Group Head Retail Banking and Wealth Management, Emirates NBD. With a huge and growing youth population in the UAE, we are sure that this program will help UAE inhabitants and their families fulfil their educational goals in a flexible and convenient manner.
Emirates NBD will also offer students, associated with the program, the opportunity to gain valuable work experience via a summer internship with the bank.
Prospective borrowers will need to provide the fee invoice from the educational institution to support their application. The maximum loan amount that can be availed under the programme is AED 300,000. Customers who currently hold a personal loan with Emirates NBD are also eligible to apply.
