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Education Loan

Our Education Loan* 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:

  • Loan amount up to AED 300,000 
  • Loan tenor up to 48 months
  • Competitive interest rates starting from 4.89%
  • Preferential currency exchange rates on remittances to foreign institutions 
  • Approved Credit Card for the parent with a supplementary card for the  student (15 years of age or older) 
  • A dual-currency prepaid card that supports your child’s expenses at foreign destinations (to be issued to the parent or the student aged 18 years or older)
  • Only 2 deferrals are allowed in a year one month at a time subject to minimum 6 installments repaid since the loan or last deferral was availed.
  • Installment deferral cannot be given if payments are irregular or if there are 4 cheques / Direct Debit System (DDS) returns in the last 12 months or if the request does not meet the Bank’s internal risk policy requirements.

You need to:

  • Pay all installments and other amounts due on the due dates without delay.
  • Review 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 Loan prior to its maturity.
  • Education Loan is only available for salaried individuals whose salaries start from AED 10,000.
  • The Bank may amend the features, fees, charges, terms & conditions of the Loan on 60 days’ notice to you in advance.
  • The Bank may amend the interest rates for the Loan on 30 days’ notice to you in advance.


  • For a period of 3 consecutive months, if the salary credited to your salary account is less than 75% of the declared salary or if salary is not regularly credited during these 3 months, you will be obliged to pay 2% per annum above the rate of interest originally agreed until completion/ settlement of the Loan.
  • If you pay off the Loan prior to the due date, you will pay prepayment charges at the rates described in the Service and Price Guide.
  • If you are late in payment or fail to make a payment on the due date, you will pay default interest at the rates described in the Service and Price Guide.
  • If you fail to make a payment or otherwise breach the Loan terms, this will be a default and the Bank will be entitled, among other things, to:
    • (a) Cancel the Loan 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.
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