Education Loan | National Microfinance Bank

Financial Services

This product enables student to finance their university education in a manner that suits the incomes available in their families. While the product is designed to encourage students to academically excel and to participate socially through a number of discounts measured upon academic performance, recognition of voluntary work, impairment and the availability of other university students in one family.

Loan amounts

200- 3,000 JD

Repayment Period

200-599

15

600 - 1000

20

600 - 1000

24

Percentage of Administration Fees

Pertaining to universities that signed with NMB a mutual agreement to settle tuition for students and commence with graduation:

Initial cost (for all students that do not achieve very good to excellent)	18% yearly
Students that achieve very good grades (B+,B,B-) or 80%-90%	16% yearly
Students that achieve excellent grades (A,A-) or 90% and higher	14% yearly
In the case of a student that works voluntarily for prominent organizations (King Abdullah II for development, Jordan Youth, UN agencies and regional agencies, Orphanages and Senior Houses…) six months before applying for a loan	The student receives 1% discount to the prices shown above.
In the case of a student that is handicap( deaf, blind, confined to a chair)	The student receives 2% discount to the prices above.
In the case of a student that has siblings in university as well	The student receives 1% discount to the prices above.

Pertaining to universities that did not sign with NMB a mutual agreement to settle tuition for students and commence with graduation:

Initial cost (for all students that do not achieve very good to excellent)	Pricing is according to the product (Watani, Mashrooi A and Mashrooi B)
Students that achieve very good grades (B+,B,B-) or 80%-90%	Price of the above products with the discount difference of 2%
Students that achieve excellent grades (A,A-) or 90% and higher	Price of the above products with the discount difference of 4%
In the case of a student that works voluntarily for prominent organizations (King Abdullah II for development, Jordan Youth, UN agencies and regional agencies, Orphanages and Senior Houses…) six months before applying for a loan	The student receives 1% discount to the prices shown above.
In the case of a student that is handicap( deaf, blind, confined to a chair)	The student receives 2% discount to the prices shown above.
In the case of a student that has siblings in university as well	The student receives 1% discount to the prices shown above.

The discounts are accumulative, A student can add more than discount together.

Summary of Percentage of Administration Fees with no discounts

Loan Amount	Percentage of Administration Fees
200-1,000	1.75% monthly
1,001 – 1,999	1.7% monthly
2,000 – 3,000	1.6% monthly

Grace period Fees

No . of days (grace period since check disbursal)/360*loan amount*interest%

Payment Date

The 25^th of each month

Grant Commission

Amount of loan

from every monthly installment beginning from check disbursal.

200-1,999JD

1JD

2,000 – 3,000JD

2JD

Penalties

The percentage reaches 0.003 daily from the amount of the loan and/or due installments from each day of delay at a minimum of 1JD a day from every day of delay from paying an installment or part of an installment at the due date.

Age of client / guarantor

18-65 years

Gender of client

Male or Female

Added Value Services

Compensation for loss of customer income during hospitalization.

Payment options

NMB Branches

E-Fawateercom

Commercial Banks (Housing Bank &Jordan Kuwait Bank)

NMB Mobile App.