9 Banks Offering School & University Loans in 2022

Publish Date: 05 Sep 2022

Which banks require the applicant to transfer their salaries to them directly?

Just as the school year approaches, Faydety is here to help you find out all about the 9 banks offering school loans in 2022. Let’s explore each bank’s terms and conditions and find the best one for your needs.

Top education loans offered by banks in Egypt in 2022:

Banque Misr:

Loan amount: up to 300,000 EGP
Payment duration: from 12 months and up to 84 months
Up to 100% financing option
15.5% diminishing interest rates (Annual).
The bank stipulates that the applicant's employer must agree to a salary transfer every month.

CIB’s education loan

Loan amount: up to 150,000 EGP
Applicant must be over 21 years old
Advantage of having a life insurance policy for the duration of the loan
Approval obtained within 48 hours with minimum documents
Payment duration: from 12 months and up to 96 months (8 years)
Interest rate: between 14.5% and 17.5% diminishing rates
50% discount on administrative fees

more info on commercial international bank’s website here

Check our article on Public Universities: how to apply and their fees

QNB Al Ahli education loan

loan amount from 5000 to 5,000,000 EGP
minimum income: 1500 EGP
age of applicant between 21 to 60 years old
salary transfer to the bank
must be employed for at least three months at current job
financing up to 95% of tuition
Payment duration: starting from six months and up to 48 months
interest rate: 16.75% diminishing annually

Check QNB’s website for more details

SAIB:

Financing up to 75% of tuition fees. The applicant pays 25% on their own
loan amount: From 5000 to 100,000 Egyptian pounds
minimum monthly income: 4000 Egyptian pounds
Salary transfer either directly or indirectly according to the agreement with the bank
applicant must be between 24 and 60 years of age at the end of the loan duration
employed at current job for at least two years
for businessmen and self-employed applicants: they don’t have to transfer salary, they can be between 25 and 65 years old, and their monthly income should not be less than 5000 EGP

Administrative fees at SAIB:

Expedited payment: 6%
Administrative fee: 1.75%
Overdue payment fine: 20 EGP

SAIB website here

Faisal Islamic Bank:

Loan amount: 300,000 EGP
Applicant’s age: over 21 years old
loan repayment duration: up to 36 months which is three years
interest rate: 16% diminishing rate in case of salary transfer and 17% without
minimum income: 1500

for more details check the bank’s website here

EG Bank:

Loan amount: from 10,000 and up to 1,000,000 EGP
100% financing option
Repayment of loan duration 12 months
interest rates 18.5% diminishing
minimum income 2500 Egyptian pounds with salary transfer and 3000 Egyptian Pounds without salary transfer
applicant must be employed for at least 6 months at current job

More details on EG Bank’s website

Al Ahli Bank of Kuwait:

Loan amount: 500,000 EGP
Competitive interest rates and life insurance policy
Loan duration: 12 months
Applicant must be between 21 and 60 years old (at the end of the loan duration)
Minimum monthly income: 1200 EGP

Find more information on Al Ahli Bank of Kuwait’s website

Banque du Caire:

Loan amount: from 15000 EGP to 300,000 EGP for universities and 50,000 EGP for schools.
Up to 90% financing option
Loan duration: 6-12 months
Interest rate: 18.5% diminishing rate
Applicant must be between 21 and 60 years old (at the end of the loan duration)
Minimum monthly income: 5000 EGP

More details here