Bahrain’s first locally-owned bank, National Bank of Bahrain (NBB) has launched its Education Finance Program in order to provide individuals with a variety of options for covering the costs of various academic levels.
According to the statement, the scheme covers expenses from kindergarten up to higher education, including professional certificates, at preferential rates.
The Education Finance Program will provide consumers with a streamlined and rapid approval process, as well as favorable interest rates, a tenor of up to 7 years, and no processing or insurance fees.
NBB’s newest product is part of the bank’s ongoing endeavors towards social responsibility and serves a larger purpose beyond being a simple financing solution, as per the statement.
Subah Al Zayani Chief Executive – Retail NBB
“We are pleased to be launching the Education Finance Program, which supports parents and individuals who would like to invest in their children or their own educational paths and futures. As the national bank of choice, and as part of our social responsibility and sustainability practice, we are committed to providing solutions that encourage education and self-development. Moreover, our initiative contributes to the Kingdom’s Economic Vision 2030 of upscaling the number of educated individuals by offering specially tailored financing schemes to nurture future leaders.”
Mr. Ahmed Al Maskati, Head of Retail Products at NBB said, “The Program is structured in a way to encourage our customers to pursue higher education. The financing provided may cover up to 100 percent of the education expenses, with a total financing amount of $105,400 (BD40,000).”
“Educational costs are covered by mini financial contracts against the cost of each semester, depending on the customer’s financial eligibility when applying. In addition, Education Finance is offered at a very competitive interest rate with no life insurance fees and no processing fees,” Mr. Al Maskati added.
As per the statement, the bank also intends to establish value-added collaborations with vocational institutes around the Kingdom in order to give consumers unique job experience opportunities.
