Education finance comes in 2 ways conventional or Islamic (Finance). They are offered by Bahrain Development Bank with 4% p.a. profit rate (APR 7.2%) to be used to cover the tuition fees. The minimum facility amount is BHD 3,000 and the maximum facility amount is BHD 20,000 with maximum repayment period of 7 years with a comfortable grace period.
Who can apply:
The applicant should be a Bahraini
The applicant “Student” should have an acceptance letter from university
A copy of Smart Card & details
A copy of the passport
6 months bank statement of the person applying for the facility
Salary Certificate/ a copy of the last paid salary slip.
Copy of latest certificate obtained by the applicant.
Copy of transcripts
Tuition fees letter and time table schedule from the University
No objection certificate from the employer for the applicant to join the academic program (if employed).
In case of applications backed by guarantors:
Copy of Smart Card & details
Copy of Passport of the Guarantor
Salary Certificate and bank account statement for the last 6 months.
Guarantor networth statement (in case of unemployed).