https://www.wemakescholars.com/education-loan/study-abroad/dubai
Education Loan for Dubai
✓ Up to 1.5 Cr Education Loan
✓ At a starting interest rate of 8.55% p.a.
Table of content
- Unsecured or without collateral education loan for Dubai
- Top Banks that offer Unsecured Education Loans for Dubai
- How to get an unsecured student loan for Dubai?
- Benefits of going through WeMakeScholars for an Unsecured Education Loan
- Documents required for an education loan without collateral for Dubai
- Repayment Plan for Unsecured Student Loans in Dubai
- Secured or without collateral education loan for Dubai
- Banks that offer secured education loans for Dubai
- How to get a Secured education loan for Dubai?
- Benefits of going through WeMakeScholars for a secured education loan
- Documents required for an education loan with collateral for Dubai
- The Repayment plan for Secured education loans in Dubai
- Expenses covered for education loans in Dubai
- Special Education Loan Schemes for Dubai
- Universities recognized for Education loans in Dubai
- FAQ's
- Need Help? Ask Here!
For your study in Dubai, an education loan may be able to provide up to 1.5 Crores at a rate of interest starting from 8.55% per year. You can obtain loans for Dubai that are both secured and unsecured.
Unsecured or without collateral education loan for Dubai
For higher education in Dubai, you are eligible for a loan of up to 40 Lacs with a 10-year repayment period. Unsecured loans are typically obtained from private banks or NBFCs and require full or partial simple interest payments over the repayment holiday.
Parameter |
Details |
Loan Limit |
Up to 40 Lacs |
Expenses covered |
Tuition fees, Hostel fees, Cost of textbooks, Cost of Uniforms, Library fees |
Eligible courses |
Master’s, MBA, Bachelor, Doctorate (Ph.D.), professional and vocational courses |
Interest rate |
Begins from 11% |
Moratorium Period |
The total duration of the course + 1 year |
Repayment Duration |
Upto 10 years including the period of moratorium |
Repayment policies |
During the moratorium period, simple/ partial simple interest is to be paid. |
Eligibility Criteria |
The student:
|
Tip: Having a good financial co-applicant can help you get the most out of your unsecured loan. Also, try to aim for the top universities in Dubai as it increases your academic credibility.
Top Banks that offer Unsecured Education Loans for Dubai
- Incred
- Avanse
- Axis bank
- Auxilo
- IDFC First bank
- HDFC Credila
- Elite scholars
- ICICI bank
How to get an unsecured student loan for Dubai?
Step 1: Request a callback from our financial officers by visiting our website.
Step 2: You will get a call from one of our financial officers who will ask for your basic details to analyze your profile and check your eligibility for an unsecured education loan.
Step 3: After the analysis of your profile the financial officer will provide you with a list of lenders you are eligible to get an unsecured education loan.
Step 4: Choose a lender from the provided list of lenders, The financial officer will provide you with a checklist of documents.
Step 5: Upload all the documents mentioned in the checklist on the WMS-secured document portal.
Step 6: Immediately after you submit the documents your profile will be logged in and the result of your unsecured education loan application will be told to you within 2-6 days.
Step 7: You will then receive your sanction letter after which you’ll have to sign the loan agreement.
Issues faced by students when approaching the banks directly for an unsecured loan
- Alternative unsecured student loan options are not looked at when a lender is contacted directly.
- There is no comparison of all potential lenders provided to the student.
- Generally, students feel very lost about the entire loan education process when they approach the lenders directly as the process is not explained clearly.
- Post-sanction help is not provided to the student post- sanction.
Benefits of going through WeMakeScholars for an Unsecured Education Loan
These are a few of the benefits you will get when you process your unsecured education loan with us
● Automatic 0.5% reduction in ROI: You instantly receive a 0.5% ROI reduction on your unsecured education loan since WeMakeScholars is an initiative financed and supported by the Ministry of IT, Government of India, under the Digital India scheme.
● Negotiation: In addition to the 0.5% decrease, we can try to further lower the ROI by negotiating a reduction of up to 2%, depending on your profile and the university. In several instances, the interest rate was negotiated down from 14% to 12%.
● Cashback: You will receive a cashback of Rs. 3000 as a token of appreciation for supporting the Digital India initiative after your loan has been disbursed.
● Profile Analysis: You will receive a cashback of Rs. 3000 as a token of appreciation for supporting the Digital India initiative after your loan has been disbursed.
Documents required for an education loan without collateral for Dubai
Below provided are the documents required to acquire an unsecured education loan for Seeking higher education in Dubai
Parameter |
Details |
Basic documents |
1. Education Loan form provided by WeMakeScholars FO - Voter ID Card Note: If the current address and the permanent address of the student are not the same, two different address proofs are required. 4. Bank account statement (6 months) of the co-signer (personal or salary) If the co-signer is, Self-employed: 1 yr business transactions Salaried: 1 year of salary credits 5. Liability and Personal Asset statement. |
Applicant academic documents |
1. 10th, 12th & degree marksheets 2. Proof of admission into the university/institution 3. The cost structure of the course 4. Scorecard of GRE, GMAT, or IELTS 5. University ranking printout forms |
Financial Co-applicant Income documents |
If Salaried: 1. Salary slips for 3 consecutive months 2. Form 16 from the last 2 years 3. Employer’s ID card 4. ITR filed for the previous 2 years If Self-employed: 1. Filed ITRs of the previous 3 years 2. P & L account and balance sheet of last 3 years 3. Address proof of the business |
Other Documents |
A letter confirming that any extra charges not being covered by the loan would be borne by the co-applicant. |
Additional docs |
1. Any remaining loan statements from the preceding year. 2. An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 3. Receipt for any transactions made in advance. 4. Letter explaining the gap. Sample- on Rs. 100 stamp paper. 5. If relevant, a letter explaining the lack of a co-applicant Income tax return |
By considering your individual profile and your requirements for the loan, we create a tailored document checklist that helps you save time and avoid enrollment process issues or delays.
Repayment Plan for Unsecured Student Loans in Dubai
An unsecured school loan has an interest rate that starts at about 11%, and as is common knowledge, the full simple interest rate is charged throughout the moratorium period for the majority of unsecured loans. In light of these requirements, your EMI payment plan would look something like the one below.
Loan amount: 23,50,000
Rate of Interest: 11.5%
Repayment tenure: 10 Years
Grace period: 6 months
Repayment cycle |
EMI |
Interest portion |
Principal portion |
Loan Outstanding |
End of 1st year |
33040 |
21357 |
11683 |
2216900 |
End of 2nd year |
33040 |
19941 |
13099 |
2067661 |
End of 3rd year |
33040 |
18352 |
14688 |
1900325 |
End of 4th year |
33040 |
16571 |
16469 |
1712698 |
End of 5th year |
33040 |
14574 |
18466 |
1502320 |
End of 6th year |
33040 |
12335 |
20705 |
1266431 |
End of 7th year |
33040 |
9824 |
23216 |
1001938 |
End of 8th year |
33040 |
7009 |
26031 |
705374 |
End of 9th year |
33040 |
3853 |
29187 |
372848 |
End of 10th year |
33040 |
314 |
32726 |
0 |
Our goal is to ensure that the loan disbursement process is as smooth and stress-free as possible so that you can focus on your studies without worrying about financial matters.
Secured or without collateral education loan for Dubai
You can receive funding of upto 1.5 Crores at an interest rate of 10.25% for your academic expenses by going through secured loans, which are mostly offered by public banks, you don’t have to pay any interest during the moratorium period
Parameter |
Details |
Loan Limit |
Upto 1.5 crores |
Expenses covered |
Tuition fees, Accommodation charges, Cost of books, uniforms, Laboratory, and Library fees |
Eligible courses |
MBA, Master’s, Bachelor, Ph.D., professional and vocational courses |
Interest rate |
Starts at 10.25% |
Moratorium Period |
The total duration of the course + is 6 months extendable upto 1 year |
Repayment Duration |
Up to 15 years |
Repayment policies |
Payment of interest during the moratorium period is not mandatory |
Eligibility Criteria |
|
Types of Collateral |
Immovable property: House, Flat, Non- agricultural land Liquid security: Fixed deposit, Government bonds, LIC policies |
Value of collateral (In case of a collateralized loan) |
- 1.25 times the loan amount in case of immovable property |
Banks that offer secured education loans for Dubai
- State Bank of India
- Bank of Baroda
- Karur Vysya Bank
- IDFC Bank
- Axis Bank
- ICICI Bank
- IDFC Bank
- HDFC Credila
- Incred
- Avanse
- Auxilo
How to get a Secured education loan for Dubai?
Step 1: Start your education loan process by requesting a callback from us.
Step 2: You will shortly receive a call from one of our financial officers who will enquire about your basic details and send you the common application form
Step 3: Based on the details provided by you, the financial officer will analyze your profile and give you a comparison of all the lenders you can get a loan from.
Step 4: After you pick a lender to process your loan from, you will be given a checklist of documents, according to which you need to submit the documents to the bank branch nearest to you.
Step 5: Your loan application result will be told to you within 15-20 days.
Step 6: After which, you need to sign the loan agreement and receive your sanction letter.
Issues faced by students when approaching the banks directly for a secured loan
- The average sanction time for an education loan in public banks is around 2 months.
- As most public banks are still not very technologically advanced most of the paperwork has to be done manually.
- Students end up taking numerous trips around the bank as there is no checklist of documents provided.
- Public banks usually face difficulties when they have to deal with a multi-city case as they do not have the proper expertise to handle it.
Benefits of going through WeMakeScholars for a secured education loan
All the services provided by us at WeMakeScholars are completely free of cost as we are an initiative that is funded by the Ministry of IT under the Digital India scheme.
- Convenient Process: When you apply for a secured education loan through WeMakeScholars, you can finish the entire process from the comfort of your home, from filling out the application form to receiving your letter of sanction.
- Lesser processing time: We shorten the processing period for your student loan from two months to just 20 working days.
Expertise: No matter how complex the case may seem, with the experience of handling thousands of instances on a daily basis, we are certain to find a solution. - Multi-city cases: Multi-city cases are those in which the present address and the permanent address are different. These instances are typically turned down by banks. But if it applies to you, don't worry. We have dealt with several issues involving multiple cities.
Documents required for an education loan with collateral for Dubai
In order to avail of a secured student loan you need to have all the applicant and co-applicant documents previously mentioned and the following property documents.
1. Title deed of the property
2. Registered Gift Deed, the sale agreement, or Will
3. The original receipt of registration for the above-mentioned agreement
4. Allotment letter by the municipal corporation or authorized government authority like MHADA, GIDC, HUDA, JDA, CIDCO, DDA, etc
5. 30 Years' worth of link documents, or past chain or past chain of sale deed establishing title or EC is necessary. (If you’ve owned the property for more than 30 years, then only the previous sale deed is required.)
6. The newest property tax bill and electricity bill with the same address.
7. Plot layout or building plan approved by the municipality.
Each city has its own list of document requirements. To know more about the city-specific documents required for a collateralized loan contact us by requesting a callback from the WMS team.
The Repayment plan for Secured education loans in Dubai
Considering that the interest rate for secured loans starts at 8.55% and that you are given an option to not pay anything during the moratorium period the following Amortization table has been made.
Loan amount: 62,50,000
Rate of Interest: 9%
Repayment tenure: 15 years
Repayment cycle |
EMI |
Interest portion |
Principal portion |
Loan Outstanding |
End of 1st year |
73697 |
52850 |
20847 |
7025849 |
End of 2nd year |
73697 |
50895 |
22802 |
6763154 |
End of 3rd year |
73697 |
48756 |
24941 |
6475816 |
End of 4th year |
73697 |
46416 |
27281 |
6161523 |
End of 5th year |
73697 |
43857 |
29840 |
5817748 |
End of 6th year |
73697 |
41058 |
32639 |
5441724 |
End of 7th year |
73697 |
37996 |
35701 |
5030426 |
End of 8th year |
73697 |
34647 |
39050 |
4580546 |
End of 9th year |
73697 |
30984 |
42713 |
4088464 |
End of 10th year |
73697 |
26977 |
46720 |
3550222 |
End of 11th year |
73697 |
22594 |
51102 |
2961489 |
End of 12th year |
73697 |
17801 |
55896 |
2317528 |
End of 13th year |
73697 |
12557 |
61140 |
1613159 |
End of 14th year |
73697 |
6822 |
66875 |
842716 |
End of 15th year |
73697 |
549 |
73148 |
0 |
At WeMakeScholars, our dedication is to offer complete and dependable services to students, and we aim to simplify the loan application process by providing post-sanction assistance.
Expenses covered for education loans in Dubai
Generally, an education loan for Dubai covers these expenses
- Tuition fee
- Caution fee
- Cost of accommodation
- Library fee
- Laboratory fee
- Miscellaneous expenses
- Cost of uniform
- Equipment cost
Scholarships for studying in Dubai
Mentioned below are the scholarships you can avail of for studying in Dubai and the coverage provided by the said scholarship.
Name of the scholarship |
Coverage offered by the scholarship |
HH Sheikh Hamdan scholarship |
100% tuition fee + other academic expenses |
Zayed university undergraduate Merit Scholarship |
Upto 50% of tuition fee |
Master Research Teaching Scholarship (MRTS) |
Upto 4000 AED |
Scholarships for undergraduate programs at BITS Pilani, Dubai |
Depending on various factors up to 100% of the tuition fee is covered |
SP Jain Center of SPG management Global MBA program |
Only the tuition fee is covered |
2022 Masdar Institute fully funded master scholarships |
100% of the tuition fee is offered + other academic expenses |
Special Education Loan Schemes for Dubai
Education loan for MS in Dubai
Universities in Dubai offer master’s in various disciplines of science and humanities. Trying for a secured education loan for Dubai might be a better option considering that you will get a higher amount with a secured loan than an unsecured loan in the case of a master’s in Dubai.
Education loan for MBA in Dubai
Since you would receive a larger sum with a secured loan than that of an unsecured loan in the instance of an MBA in Dubai is a better option, applying for a secured education loan for Dubai may be a better alternative.
Universities recognized for Education loans in Dubai
Each bank has a list of colleges and institutions that qualify for certain loan packages. There are several institutions from Dubai on the list. By requesting a callback from WeMakeScholars, you can speak with our financial officers to find out if your university is included in any of these lists.
FAQs:
-
Can I receive a 20 lakh loan for my education abroad?
-
Is a 100% student loan possible?
-
Are student loans interest-free?
-
Can I obtain a student loan without my parents' ITR?
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Does the student loan cover the cost of the dorm?
NEWS
IIT Delhi is taking a major step towards international educational collaboration by setting up a campus in Abu Dhabi, United Arab Emirates (UAE). The campus, as per reports, will offer Master's courses from January 2024, with Bachelor's courses following in September of the same year.
The agreement for the establishment of the IIT Delhi campus in Abu Dhabi was signed through a Memorandum of Understanding between India and the Education and Knowledge Department of Abu Dhabi. This move comes after IIT Madras made a similar announcement about setting up an offshore campus in Tanzania's Zanzibar.
Union education minister Dharmendra Pradhan expressed his enthusiasm, stating that IIT Delhi's Abu Dhabi campus will serve as a model for leveraging knowledge to foster mutual prosperity and contribute to global welfare.
During his official visit to the United Arab Emirates (UAE), Prime Minister Narendra Modi is expected to emphasize the importance of educational cooperation and the significance of IIT Delhi's expansion beyond Indian borders.
This foray into the international arena signifies a significant milestone for the prestigious IIT system, providing new opportunities for collaboration and educational exchange in the region. As IIT Delhi prepares to offer courses in Abu Dhabi, it marks the beginning of a promising academic journey towards mutual growth and development between India and UAE.
Last Updated - 17/07/2023
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