Frequently Asked Questions
Education Loans
1. What is the Education Loan?
Education Loan is a salary transfer personal loan offered to salaried parents to provide financial support to fund for their child’s education at their preferred institution in UAE or abroad.
2. Who is eligible for the Education Loan?
Applicant should be a salaried parent resident in UAE employed with salary >= AED 10,000.
3. What are the documents that I should provide to avail the Education loan?
To apply for this product you will need to submit the below:
- The offer / admission from the educational institution for the amount required for the fees
- Personal Loan application form duly signed by the applicant along with EID copy, passport copies with valid visa page
- Standard income documents such as salary certificate or pay slip accepted for personal loan
- Security cheque issued from your salary account
- Any other document as mandated from time to time
4. Is salary transfer to RAKBANK mandatory?
Yes, Salary transfer to RAKBANK is mandatory to avail the Education Loan.
5. What is the maximum amount that the Education Loan offers?
Maximum Education loan amount is AED 300,000
6. How do I repay the Education Loan?
Repayment of the loan should be done via your salary account with RAKBANK
7. Can I early settle the Education Loan if I require to and are there any early settlement fees applicable?
Yes you can, an early settlement fee is applicable as per the Bank’s. Click here for more details.
8. What is the maximum repayment period for the Education Loan?
Maximum repayment period for the loan is up to 48 months.
9. What is the maximum age at a loan maturity?
Maximum 65 years at the time of loan maturity.