Education Loan | National Microfinance Bank

Financial Services

Target Audience:

Designed to deliver financial services to University students for all their needs and a way to finance education in a way that suits a family's income to promote excellence in academics and volunteering keeping in mind different circumstances a student's family may be going through.

Loan Description

Traditional

Loan Size

400-3000JD

Length of Repayment

According to loan size:

400-1000JD max. 20 months

1001-3000JD max. 24 months

	Loan Amount	Annual Interest	Monthly Interest	Length
Education 400-1000	400-599	21%	1.75%	15
Education 400-1000	600-1000	21%	1.75%	20
Education (A)	1001-1999	20.4%	1.7%	24
Education (B)	2000-3000	19.2%	1.6%	30

Application fees

None

Deductions

None

Loan Disbursement

e-wallet or cheques to National Microfinance Bank

Loan Disbursement Fees

Loan Amount

Deduction from cheque for every installment and calculated from the date the cheque is issued

400-1999JD

1JD for every monthly repayment

2000-3000JD

2JD for every monthly repayment

Grace Period

None unless requested by client for the first month repayment in this case grace interest is deducted from the cheque according to Grace Period fees
No. of days(from cheque issuance to Grace Period)/360*Loan Amount*Interest Rate

Delay Penalty

Reaching 0.003 daily from loan amount and/or due installments for every day of delay with a min. 1JD daily for every day of delay from paying any installment or a portion of an installment due

Pricing

Listed below

For universities that signed an agreement with the National Microfinance Bank to clear a student's record and complete graduation procedures:

General Pricing (for students that don’t have very good or excellent grades)	18%
Students with Very good grades (B+,B,B-) or 80-90%	16%
Students with excellent grades (A,A-) or 90% and above	14%
For students that volunteer in prominent organizations( KAIIFD, The Jordan Youth Committee, The UN & international org., Orphanages and Senior citizen homes …) six months prior to application	Student receives 1% discount over the listed prices above
For students with disabilities such as (deaf, blind, handicap)	Student receives an additional 2% on the listed prices above
For students with siblings attending university as well	Student receives an additional 1% discount on the listed prices above

For universities without an agreement

General Pricing (for students without very good or excellent grades)	Pricing depends on the product (National, Business (A), Business (B))
For students with very good grades (B+,B,B-) or 80-90%	General Pricing - 2% (For example, National Product: 21%-2%=19%)
For students with excellent grades (A,A-) or 90% and above	General Pricing - 4% (For example, National Products: 21%-4%=17%)
For students that volunteer in prominent organizations( KAIIFD, The Jordan Youth Committee, The UN & international org., Orphanages and Senior citizen homes …) six months prior to application	Student receives 1% discount over the listed prices above
For students with disabilities such as (deaf, blind, handicap)	Student receives an additional 2% on the listed prices above
For students with siblings attending university as well	Student receives an additional 1% discount on the listed prices above

Discounts are added together a student may have more than one discount therefore the loan officer has to accompany a student card along with the application for a traditional loan

Payment Methods

Cash at designated banks or NMB branches or through mobile app. or e-fawateercom or by cheques or wire transfer According to the credit recommendation

Warranties

According to products ( National, Business (A), Business(B)) and may be higher depending on branch managers' assessment or regional managers' assessment or credit departments assessment.

* Education Loan for The Royal Academy for Culinary Arts

To achieve The National Microfinance Bank's geared social message to serve all segments of society a product was designed to finance students in academies, vocational centers, colleges and universities through a loan with simple procedures.

* General Rules:

A student must be enrolled in The Royal Academy for Culinary Arts and his application by the academy to the bank
Loans are under the Education loan category with reference on the loan tracking system signifying the loan for the Royal Culinary Academy

* Target Audience: Students enrolled in The Royal Academy for Culinary Arts

Loan Description	Traditional
Loan Size	Up to 2500JD max. for a semester with possibility to renew loan after full payment.
Repayment Period	Max. 5 months
Delay Fees	Reaching up to 0.003 daily of the amount of repayment and/or due installments for every day of delay with a min. of 1 JD daily for every day of delay in paying any installment or a portion of an installment at the time due
Pricing	Zero
Application fees	None
Deduction	None
Disbursal Fees	None
Approval	According to rules and procedures as well as guidelines for lending and credit check through available methods
Grace Period	None
Debt Burden Ratio	55% calculated by dividing total repayment by net income
Payment sources	In cash at designated banks or at national microfinance bank or through mobile app. or e-fawateercom or by cheque r According to the credit recommendation
Warranties	1 Guarantor (professional license, bank statement, trade record, proof of income…)
Loan disbursement	By cheque from The National Microfinance Bank to the Academy With a list showing the names of students benefiting from the funding

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