ADCB makes foray into education financing market in the UAE

Date: Sunday, Aug 02, 2009
Source: Gulf News

Abu Dhabi: 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," said Arup Mukhopadhyay, head of consumer banking at ADCB.

Professor Rob Whelan, president of UOWD, said: "This collaboration with ADCB will allow the students to continue their higher education, which is all-important in preparing them for the recovery." 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 minimum ADCB Education Loan amount offered at UOWD by ADCB is Dh10,000 and the maximum is Dh150,000, depending on eligibility. The loan can be repaid over a period of 6 to 48 months.