Challenging economic conditions, rising costs of living and financial strains have left parents and students in a difficult position when it comes to investing in higher education. Recognising the need to enable students to pursue their academic careers, Mashreq Bank and Murdoch University Dubai have joined forces to assist students pay for their education by providing education loans at preferential rates.

Designed to provide parents and students with financial peace of mind, the education loan is available to working students or residential parents. Students availing of this facility will also be granted a discount on tuition fee from Murdoch Dubai, easing financial stress.

"Higher education should be accessible to everyone. Today's work places are extremely competitive with companies increasingly looking at academic qualifications as a prerequisite for job applicants. As a result of this, and in an effort to assist students achieve a degree in their chosen field, we partnered with Murdoch University to provide a convenient banking solution that caters directly to student requirements," stated Niranjan Mendonca, Head of Retail Assets, Mashreq Bank.

Students applying for the education loan may apply for full or part of their tuition expenses. A minimum income of AED7, 000 is required for applicants, and repayment is made affordable through flexible repayment plans.

Whether it's your child's school fee or your own Executive MBA program, Barclays can take the weight off your shoulders. You don't have to deal with upfront and hefty education payments ever again. Barclays can help you pay tuition/annual fees in easy monthly instalments. Pay a nominal financing charge and rest assured the tuition fee will be paid directly to the school when it is due. So go ahead, give yourself or your loved ones the gift of a brighter future, but none of the worry.

Barclays offers Education Loan plans for school fee financing and career/executive MBA financing:

• Loan of up to AED 250,000 for tuition fees
• Interest-only repayment for the first two years
• Competitive interest rates
• Flexible repayment schedule spanning four years

• Full payment of child's annual school tuition fee for a nominal charge
• Multiple ways of repayment through post dated cheques or from your salary account with Barclays

Applying is easy; simply call Barclays and arrange a meeting with our Personal Financial Advisor at a location of your choice.

Documents required

• Copy of passport
• Valid UAE residence visa
• Last three months bank statements
• Original Salary Transfer Letter (in case of a Salary Transfer Loan)
• Salary certificate (if applicable)
• Letter of acceptance from the school
• Two undated security cheques from your salary account

Post dated cheques (if required)

(1) Documents required depend on individual circumstances additional documentation might be requested by Barclays as deemed necessary

• Education loans for Citizens – Mashreq Bank
• Banking on Education – Abu Dhabi Commercial Bank
• ADCB Education Loan – Abu Dhabi Commercial Bank
• Executive MBA Finance – Barclays
• Iqra Children's Future Plan – Noor Islamic Bank