Nowadays, due to rising educational costs and quality education, availing a student loan has become a necessity. You can provide higher education to your child efficiently if you are rich enough. On the other hand, several foreign universities are giving top-class degrees and courses that are helpful for achieving the financial goal but come at considerably higher rates.
Multiple banks in Kuwait and middle-east offer students loans for the bright future of your children. The Kuwait bank rates are considerably affordable. To enlist a few, the following are the advantages of student loans in Kuwait.
- You are entitled to avail student loan irrespective of your occupation. i.e., you can get loans if you are government or private sector employee, or even if you are self-employed.
- The loans can be availed for four academic years which will help your children to continue their education seamlessly.
- The interest rates are significantly affordable.
- The repayment period provided is sufficient that will not let you take the burden of settling the loan.
Getting the loan is quite simple. If you have a bank account in any commercial bank in Kuwait, you can avail a student loan for backing your studies. On the other side, you can avail a regular consumer loan, but the Kuwait bank rates for different loans shall be different. The pricing of the loan is managed based on the discounts announced by Central Bank and additional 2-3% based on a reduced balance way. Following are the different factors on which Kuwait bank rates for student loans depend.
The loan is offered against an unalterable flow of salary, considering the guarantee from the employer (for the private sector). The Civil Service Commission secures the government employees, and the agreement is done with banks regarding their security.
The Kuwait bank rates for students’ loans are also decided based on for how long you need the loan.
Ultimately, the amount which you want to borrow also plays an important role. The rates are not set-up individually, but by the latest trends and the frequency of the borrowers is taken into consideration for Kuwait bank rates regarding the student loan.
Age of the Borrower
The loan can be availed from the age of 21. The age bar for Kuwaitis is 70 years and for Non-Kuwaitis is 60 years where the loan term should not exceed the bar.
The insurance for your loan is optional, and you can opt for it at a slight increase in the instalments. You can choose for the personal guarantor if you do not wish to avail loan insurance.
Most important among all, if you are expatriate, you can avail the loan of maximum 15 times your income. Overall, Seeing the suitable Kuwait bank rates and the ease of loan procedure, avail benefits of student loan your child.