03:03 PM
Saturday 27 June 2020
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I wrote – Manal Al-Masry:
Parents, when applying to schools, resort to requesting loans from banks to pay their children’s school fees.
Some banks offer a loan program called (educational) intended to help parents pay tuition fees in schools for their children.
The programs offered for the educational loan in the banks vary and the conditions vary between a program for public or private sector employees, or a program for self-employed, as well as the conditions of the loan vary according to the client or non-customer of the bank.
These banks agree on the papers required by the client to agree to the loan, but they differ among themselves on the terms of the loan, whether in value, interest rate, or some conditions related to the customer.
General documents required to obtain an educational loan:
A valid national number and a recent utility receipt for electricity, gas or water (no more than three months old).
A complete loan application form that includes all data, a certificate of registration from the educational establishment, total tuition fees, and income proof documents.
Masrawy publishes the details of the educational loan terms in 5 banks, according to the customer service at each bank or the banks’ websites on the Internet.
1- Banque du Caire:
The value of the loan: From 15 thousand pounds to 50 thousand pounds as a maximum.
Payment term: from 6 months to a year.
Financing ratio: 90% of the total loan amount.
Interest rate: 18.5%, decreasing.
The percentage of administrative expenses: varies from one customer to another.
Age of the customer: Not less than 21 years and not more than 60 years when paying the last installment of the loan.
Monthly income: not less than 5 thousand pounds.
2- Banque Misr:
The value of the loan: ranges from two thousand pounds to 300 thousand pounds.
Payment term: from 6 months to two years.
Funding Ratio: From 80% and up to 100% of the tuition fees, depending on whether he is a customer or not a customer in the bank.
Interest rate: from 18% to 20%, decreasing.
Administrative expenses ratio: 1% of the total loan amount.
Age of the customer: From 21 years and not exceeding 65 years when the last installment of the loan is paid.
Monthly salary: Not less than one thousand pounds for bank customers and two thousand pounds for non-customers.
3- The Banking Company Bank (SAIB):
The value of the loan: from 5 thousand pounds to 100 thousand pounds as a maximum.
Payment term: from 6 months to 12 months.
Funding rate: up to 75% of the tuition fees.
Interest rate: 15%, decreasing and varies by customer.
Administrative expense ratio: 1.75% of the total loan amount.
Client’s age: between 24 and 60 years at the end of the loan term.
Monthly income: Not less than 4 thousand pounds per month.
4- Faisal Islamic Bank:
The value of the loan: 150 thousand pounds as a maximum.
Loan repayment period: One year
Funding Ratio: Up to 90% of total tuition fees.
Interest: 16% to 17%, decreasing.
Administrative expenses: From 1% to 1.5%, according to salary transfer and job type.
Age: 21 to 65 years old.
Salary: 1500 pounds as a minimum.
5- Bank (CIB):
The value of the loan: up to 150 thousand pounds.
Repayment period: Up to 5 years.
Financing rate: up to 90%.
Interest rate: From 15% to 22%, depending on the customer.
Administrative expenses ratio: 50% discount on administrative expenses.
Age of the client: From 21 years to 60 years when the last installment of the loan is paid.
Monthly income: not less than 3 thousand pounds.
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