Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Union National Bank Education Loan Union National Bank Education Loan Minimum Salary: AED 10,000 Salary Transfer: No Islamic Finance: No Maximum Term: 1 Years Flat Rate: 4.86% Reducing Rate: 9.0%
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Features
  • The maximum loan amount is AED 200,000 and maximum loan tenure is 12 months.
  • You require a minimum salary of AED 10,000 per month to be eligible.
  • It is not a requirement to transfer your salary to apply.
  • The processing fee is 1% of the finance amount (min AED 250 and Max AED 2,500).
  • The early settlement fee is 1% of the outstanding amount.
  • The insurance fee is 0.5% of loan amount.
  • The reducing rate of this finance is 9% and the equivalent flat rate is 4.86%. The calculation used is a division of the reducing rate by 1.814 and this is indicative only.
Documents Required
  • Signed and completed application form and loan proposal form
  • Colour passport photo of applicant
  • Passport copies (yours and your co-owner/guarantor’s) with valid residence visas if you’re expats
  • UAE National ID card if applicable
  • Labour card/employer ID card
  • UAE utility bill or tenancy contract as proof of address
  • Proof of enrolment (previous or current) or a fees quotation from educational institution
  • Valid salary certificate
  • Last 3 months’ pay slips
  • Last 6 months’ bank statements
Eligibility
  • Earning at least AED 10,000 per month
  • A UAE resident
  • At least 25 years old at time of application
  • No older than 65 at loan maturity
  • Employed at your current employer for at least one year
Additional Information

Terms & conditions apply.

The bank reserves the right to change the interest rates, fees & tariffs, charges and terms & conditions at its own discretion, without any prior notice.

Approval of loans is at the discretion of the bank.

All fees and charges are in line with the UAE Central Bank policies.

** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The calculated Annual Percentage Rate(APR) is determined using the annual interest rate on the product plus fees and other costs. The APR is useful when comparing two or more products with different interest rates and fee structures.
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