02 August 2009
ADCB Enters Education Loan Market
Abu Dhabi, 2 August, 2009: Abu Dhabi Commercial Bank has entered the education loan market in the UAE with an offer of credit facilities to cover the tuition fees and living expenses of students attending University of Wollongong in Dubai (UOWD).
The ADCB Education Loan is available to both working professionals looking to pursue higher education and for parents wishing to finance their child’s education.
“We have entered this new market because we have identified domestic higher education in the Arabian Gulf as a prime driver for economic development. It is a rapidly expanding sector that we want to be involved in as it grows,” Arup Mukhopadhyay, Head Consumer Banking, ADCB said.
“UOWD is a perfect fit because their internationally recognized programs in Business and Information Technology are directly linked to the human resource needs of the UAE and broader Gulf region, and offer graduates rewarding careers in this fast-expanding, long-term employment market,” added Arup.
Prof. Rob Whelan, President of UOWD, said: “UOWD is always responsive to the evolving needs of students. Cash-flow problems are common in today's challenging financial environment, for both individuals and businesses. This collaboration with ADCB will allow the students to continue their higher education, which is all-important in preparing them for the recovery.”
The ADCB Education Loan can be obtained by potential customers without the commitment of a salary transfer.
To avoid complex transactions, fees are credited by the bank directly to the institute, and where the customer has sufficient debt-servicing capacity, further funds are credited to the customer’s account to cover living expenses.
The loan is offered for all UOWD programs - graduate as well as post graduate - and finance can be taken for a defined period as well as a full academic session.
The minimum ADCB Education Loan amount offered at UOWD by ADCB is AED 10,000 and the maximum is AED 150,000, depending on student or parent eligibility. The loan can be repaid over a period of between 6 and 48 months.
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