Education Finance
Our Education Finance has been designed with you in mind. You don’t need to worry about your child’s education expenses anymore. Whether your child is studying at any educational institution within the UAE or abroad, we‘ve got your back.
You don’t need to worry about your child’s education expenses anymore. Whether your child is studying within the UAE or abroad, we‘ve got your back.
RAKBANK Education Finance is a personal finance offered to salaried parents to provide financial support to fund their children’s education at their preferred institution in UAE or abroad.
Features and benefits:
- High Finance amounts up to AED 300,000 with salary-transfer to RAKBANK
- Finance tenor up to 48 months.
- Competitive profit rates starting from 4.99%
- Finance will be credited directly to the school / university bank account.
- Minimal documentation and quick approvals.
- Free Credit Card for the parent with a supplementary card for the student (Age 15+) is provided with the finance .
Eligibility/ Requirements:
- Minimum Salary: AED 10,000 or more \ month
- Employment Confirmation in current role.
- Identification Documents such as Passport, Emirates ID and Visa copy.
- Proof of Income such as: salary certificate or Pay Slips, Salary Transfer letter (wherever applicable)
- Letter from the educational institute mentioning the fees amount.
- Applicant (parent) needs to submit school / university invoice for the fees that needs to be paid
Risks & Limitations
- If you fail to make any payment due under the Finance or otherwise breach our terms, you will lose the vehicle mortgaged to the Bank as a result of the mortgage enforcement proceedings that we may take.
Customer Obligations
You need to:
- Pay all installments and other amounts due on the due dates without delay.
- Review this document and all other terms & conditions set out in the application form in detail.
- Regularly check our website (www.rakbank.ae) for updates.
- Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form.
- Notify the Bank in writing if you wish to prepay your Finance prior to its maturity.
Key Terms & Conditions
- The Bank may amend the features, fees, charges, terms & conditions of the Finance with prior notice of 60 days to you.
- The Bank may amend the profit rates for the Finance on 30 days’ notice to you in advance.
Warnings:
- If you pay off the Finance prior to the due date, you will pay prepayment charges at the rates described in the Service & Price Guide.
- If you are late in payment or fail to make a payment on the due date, you will pay default profit at the rates described in the Service & Price Guide.
- If you fail to make a payment or otherwise breach the Finance terms, this will be a default and the Bank will be entitled, among other things, to:
- (a) cancel the Finance and demand full repayment immediately
- (b) report the default to the appropriate regulatory authorities including the UAE Central Bank and Al Etihad Credit Bureau and credit rating agencies, which will affect your credit rating
- (c) bring legal proceedings against you and repossess the mortgaged property.