Education Loan
  • Target Audience:

Designed to deliver financial services to School and University students for all their needs and a way to finance their 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

600-1000

21%

1.75%

20

Education (A)

1001-1999

20.4%

1.7%

24

Education (B)

2000-3000

19.2%

1.6%

30

 

 
Details of commissions, fees, and penaltiesClick here  to view the details 

Loan Disbursement

e-wallet or cheques to National Microfinance Company.

 

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

 

Pricing

Listed below

  • For universities that signed an agreement with the National Microfinance company 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 NMC 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 Company'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

Details of commissions, fees, and penalties

Click here  to view the details

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 company 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 company to the Academy With a list showing the names of students benefiting from the funding

Education funding for students enrolled at Luminous Technical University College, For its branches in Irbid and Amman .

 

The target group

It is granted to students enrolled at Luminus College, at its branches in Irbid and Amman, whether in the morning or evening sessions (local diploma students, British diploma students, and technical diploma students)

Funding amount

The funding is based on the value of the document provided by the college regarding tuition fees for each academic year:

  • A credit line of up to 9,000 JOD for diploma students, covering all tuition fees for all academic years.
  • A credit line of up to 20,000 JOD for bachelor's and British diploma students, covering all tuition fees for all academic years.

Note: The grant can provide funding for a credit line higher than the proposed limit, based on the tuition fees determined by the college

The interest rate

There is no interest (0%)

Repayment period

It can reach up to 36 months for each academic year, depending on the specialization

Details of commissions, fees, and penalties

Click here  to view the details

Repayment mechanism

Monthly

Grace Period

None

Debt Burden Ratio

65% is the debt burden, which is measured by dividing the total installments of existing loans for the client by the total income 

Loan disbursement

Through official checks issued by the National Bank to Luminus College for the benefiting student

Payment methods

Payment through the National Microfinance company  application

Efawateercom service
Payment through commercial banks (Housing Bank for Trade and Finance, Jordan Kuwait Bank)
Payment at branches of the National Microfinance Bank / or through collection checks / or direct deduction authorization

Approval

According to the authority matrix of the Credit Committee

Guarantees

As outlined below, with the minimum guarantees being as follows, and they may be higher based on the evaluation of the branch manager and/or the Credit Evaluation and Management Unit and/or the Assistant General Manager for the Business Sector:

  • Two personal guarantors.
  • Attach proof of income for the guarantors.

Note: A single personal guarantor may be accepted as a minimum, depending on the creditworthiness of the loan parties, in addition to a check(s) or bank check(s)

The required documents

Primary identification documents for the client and guarantors.
• Attach proof of income for the guarantors (according to the nature of work as per the collateral policy).
• Obtain an official letter confirming the student's acceptance into the college and detailing the required tuition fees for the full academic year to be financed.

• Bank statement for the last 6 months, if available.
• Any additional documents supporting income, if available.
• Disclosure statement for all parties.
• The bank reserves the right to request any additional documents if the credit study requires it.
• The funding is subject to the terms and conditions of the institution

 

Loan Application

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One file only.
50 MB limit.
Allowed types: gif, jpg, jpeg, png, bmp, eps, tif, pict, psd, txt, rtf, html, odf, pdf, doc, docx, ppt, pptx, xls, xlsx, xml, avi, mov, mp3, mp4, ogg, wav, bz2, dmg, gz, jar, rar, sit, svg, tar, zip.
One file only.
50 MB limit.
Allowed types: gif, jpg, jpeg, png, bmp, eps, tif, pict, psd, txt, rtf, html, odf, pdf, doc, docx, ppt, pptx, xls, xlsx, xml, avi, mov, mp3, mp4, ogg, wav, bz2, dmg, gz, jar, rar, sit, svg, tar, zip.
One file only.
50 MB limit.
Allowed types: gif, jpg, jpeg, png, bmp, eps, tif, pict, psd, txt, rtf, html, odf, pdf, doc, docx, ppt, pptx, xls, xlsx, xml, avi, mov, mp3, mp4, ogg, wav, bz2, dmg, gz, jar, rar, sit, svg, tar, zip.
One file only.
50 MB limit.
Allowed types: gif, jpg, jpeg, png, bmp, eps, tif, pict, psd, txt, rtf, html, odf, pdf, doc, docx, ppt, pptx, xls, xlsx, xml, avi, mov, mp3, mp4, ogg, wav, bz2, dmg, gz, jar, rar, sit, svg, tar, zip.
One file only.
50 MB limit.
Allowed types: gif, jpg, jpeg, png, bmp, eps, tif, pict, psd, txt, rtf, html, odf, pdf, doc, docx, ppt, pptx, xls, xlsx, xml, avi, mov, mp3, mp4, ogg, wav, bz2, dmg, gz, jar, rar, sit, svg, tar, zip.
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Calculate your monthly installment

0 JD

400 JD

3000 JD

0 Month

1 Month

0 Month

Note

  • The calculated monthly installment value is an approximate value for guidance purposes only and is not considered final.
  • The National Microfinance Bank has the right to change the financing value and the monthly installment according to its applicable policies.
  • It is subject to the product terms and conditions of the National Microfinance Bank
  • For more information, please contact the telephone service center at 0798777733  or at 062001010 or visit the nearest Branch to you.