FinMin: Egypt economy expands, budget surplus at record high    Egyptian pound ticks down in early Tuesday trading    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    CIB completes fifth securitisation issuance for B.TECH worth EGP 859.4m    Madbouly reviews legalisation of newly annexed lands to new cities, housing offerings    Egyptian Countryside Development chief discusses cooperation with Italian ambassador    Roche helps Egypt expand digital pathology and AI diagnostics    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt exports 175K tons of food in one week    Egypt, Somalia discuss closer environmental cooperation    Egypt's Health Minister reviews upgrades at Gustave Roussy Hospital    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



AAIB launches Edu Invest programmes
Financing tuition fees ranges between EGP 15,000 and EGP 600,000 loan up to seven years, says Bahnasawy
Published in Daily News Egypt on 05 - 12 - 2015

The Arab African International Bank (AAIB) recently launched its Edu Invest loan programme, which covers up to 100% of students' tuition fees for different educational stages.
"The Edu Invest programme consists of three types of educational loans. Edu Invest Start-Up is designed to cover the expenses of all academic stages, starting from kindergarten to high school and college stages. Financing tuition fees ranges between EGP 15,000 and EGP 100,000, with loan tenor up to 12 months," head of assets products at AAIB Mohammed Bahnasawy said.
"Edu Invest Level-Up and the Edu Invest Step-Up fit university education, both undergraduate and post graduate studies, while having different repayment options. Financing tuition fees ranges between EGP 15,000 to EGP 600,000, disbursed up to four years and repaid up to seven years," he said. "Edu Invest Level-Up enables students to pay a very low monthly instalment covering interest only in the first three years, after which the loan principal is repaid over the next four years".
"Edu Invest Step-Up allows students to pay lower instalments in the beginning which gradually increases until loan maturity. Parents are given the privilege of choosing between different repayment options that suit their capabilities and expected cash flow".
Edu Invest loan programmes are granted to students "if they are earning" parents or guardians. In addition, they are provided for approved educational institutions in Egypt, where financed amounts are disbursed directly to the educational institutions according to their payment schemes.
"For example, if a customer had a sanctioned loan of EGP 600,000 and the first disbursement is EGP 100,000, the bank will pay the first amount of EGP 100,000 to the educational institution, and the customer will only bear the interest and the instalment of the disbursed amount," Bahnasawy said. On the other hand, customers are entitled to not utilise the full sanctioned amount if they do not wish to.
AAIB is expected to launch an option soon that allows continuing the settlement of the outstanding amount and the tuition fees to the educational institutions on the due dates, even in the event of unexpected deaths – during fee payment period – through the availing insurance feature.
Bahnasawy also said Edu Invest loan is a unique programme that aims to provide an acutely needed financial solution and support Egyptians in their pursuit of quality education.


Clic here to read the story from its source.