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).
- Financial statements if applicable.