Jordan - Guidance To Apply Student Loan

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Procedure

Student loan - Banks:

1. The applicant (parent) must gather all documents they may need to present or submit to the bank to apply for a loan.
2. Complete an application, make sure that you have provided all the required information in the form. Most forms can be downloaded from the bank's website.
3. Submitting an application:
   1. In person: Most loan applications are done in person, with the applicant or his/her guardian going to the bank, you may set up an appointment with the bank by giving them a ring. Submit the completed application form along with other required documents. Note: Banks may ask you to submit additional documents aside from the ones listed on the 'Required documents' section. It will be better if you can get in touch with the bank's representative/lending officer/customer service by phone first before you go to the bank's branch. They can give you a checklist of required documents, answer some of your queries and direct you to the nearest branch of the bank in your area.
   2. Online: To save you some time, you may also check if you can start your loan application online. Some banks will ask applicants to complete a preliminary application to be submitted electronically, with some of the required documents sent via email. After reviewing the application, a lending officer will contact you to discuss your application.
4. The bank will review your application, they will conduct a comprehensive credit review for the applicant, as well as check if the specific collaterals required to secure a loan has been provided by the applicant.
5. Once your application is approved, the bank will ask you or your guarantor to sign the loan agreement. Note: Read the loan agreement carefully before you sign, take note of the interest rate, grace period, when you will start repaying the loan and any penalties in case of default.

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Required Documents

Some of the documents that a bank might ask applicants to submit or present:

Any documents that prove the students acceptance at any Jordanian university/college and the cost of annual tuition.

For Self-Employed Individuals:

• Commercial registration certificate and valid vocational license
• Debts statement from the applicants bank
• An account statement for the last six months
• Financial statements or financial position statement for the applicant (particularly for self employed and high income individuals)

For Employees:

• If the client's salary is transferred to one of the Bank's branches:
  • Recent salary statement (showing duration of job, job position, and current salary).
  • Or latest monthly salary slip and a social security data statement for retirees.
• In the case that the applicants salary is not transferred to one of the Banks branches:
  • Debts statement from the client's bank
  • An account statement from the bank to which the applicants salary is transferred for the last six months.
  • Recent salary statement (showing duration of job, job position, and current salary).

Note: The bank may ask you to present additional documents, check the bank's website first before going to their branch office to apply for a loan.

Office Locations & Contacts

Please list down the office locations that can be approached for applying. External links can also be used specifying office locations.

Eligibility

Students: Some banks in Jordan offers loans for students attending public or private Jordanian universities and colleges. Some of them also offers special student loan programs for those attending Royal Jordanian Air Academy and the LUMINUS Group.

Parents: Loans are granted to individuals working in the government sector, the official and semi-official institutions, private sector companies, and self-employed individuals.

Fees

Explain the fees structure which is required for obtaining the certificate/document.

Validity

For most student loans, repayment period starts after course completion.

Repayment period: up to 48 months

Documents to Use

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Sample Documents

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Processing Time

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Related Videos

Videos explaining the procedure or to fill the applications. 
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Instructions

Student loans - Banks:

• The loan amount can be used to cover and finance university/ college tuition for a maximum of four scholastic years to the sons/ daughters of borrowers or their relatives of the first degree.
• Banks disburses the loan according to each terms tuition.

Before applying for a student loan:

• Make sure that you can present and submit all the required documents that the bank is asking for.
• Take note of the interest rate, conditions, and repayment scheme that the bank is offering. Look into several banks and do some research regarding the banks application process.
• You might also need to consider the bank's customer service before you apply for a loan, since student loans are usually long term, it will make transactions easier and can spare you from a lot of headache in the future if your bank has good and accommodating bank representatives or loan officers.
• Loan amount: You may not need to accept the entire amount of the loan the bank is offering you. Remember that what you are getting is not a grant but a loan, meaning you will need to pay back everything plus interest sometime in the future.

Required Information

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Need for the Document

Some banks in Jordan offers student loans that can help cover school related expenses like tuition fees, travel, accommodation and daily expenses.

Student loan schemes are designed to makes it easier for the student's parents to send their sons or daughters to school with its interest rate substantially lower than other personal loans offered by the bank and repaying the loan may be deferred while the student is still in school.

Here is a guide that can help students apply for student/education finance in Jordan.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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