By Rafiq Vayani
DUBAI: Emirates NBD, one of the leading banks in the region has launched Scholar Plus Loan, a program for families seeking financial assistance for university education, either in the UAE or overseas.
In line with the bank‘s commitment to developing the UAE’s human capital and making higher education more affordable 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 plan to join part-time courses while remaining employed, to enhance their knowledge base and supporting career advancement.
Scholar Plus Loan customers will be eligible 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 student’s education. Further, preferential FX rates will be provided to help remit the required funds to the university.
“The launch of Scholar Plus Loan reflects our commitment to 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 large and growing young population in the UAE, we are confident that this program will help UAE residents 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.