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Education Financing


Looking to pursue higher education but cannot fund by yourself?

With MIB's Education Financing, you can conveniently pursue your higher studies. Courses leading to diplomas, degrees, postgraduate diplomas, postgraduate degrees and Masters offered by universities and institutions in Maldives accepted by MIB. Based on the Islamic finance concept of Ijarat-ul-Askhas, the Bank will provide the educational service (service Ijarah) to the customer after purchase of the educational seat from the selected list of educational institute.

 

Features & Benefits

100% Shari'ah compliant financing

Financing period from 12 months to 72 months.

A fully transparent transaction with no processing fees, no additional charges or hidden costs.

 

Eligibility

-         Maldivian with valid resident identification card

-         Age between 18 to 50 years

-         Living and working in Maldives

-         Have been in employment for the last 12 consecutive months with MIB accepted employers

-          Has been employed on full time basis for a minimum period of two years.

-         Customer must provide 1 guarantor, preferably his/her relative.

-         Earning a minimum confirmed income of MVR4,000.00. Total average gross salary for the past six months should be a minimum of MVR6,000.00

-         Monthly payment should not exceed 34% of six months' average salary.

-         Total deductions (including other banks) should not exceed 50% of confirmed income excluding statutory deductions.

NOTE: A Co-applicant is required to pay the facility to the Bank, in case the actual customer's (student's) current income is not enough to service the payment of the instalment or the Customer is not currently in employment. The eligibility criteria should be fulfilled by either the applicant or co-applicant as both of them will be treated as one customer.

 

Customer Payment Options

-      Salary deduction

-      Salary transfer

 

REQUIRED DOCUMENTS:

-        Completely Filled Application Form

-        Copy of National Identity Card

-        Employment Letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.

-        Last 06 month's Bank Statement

-        Last 06 month's Salary Slip

-        Admission offer letter

 

Guarantor's Requirement

The Guarantor for this facility must be;

-        Maldivians with valid resident identification card

-        Aged between 21 to 60 years

-        Living and working in Maldives

-        Guarantor must be employed for the last 12 consecutive months with MIB accepted employer and earning a minimum average gross salary of MVR5,000.

-        Guarantor preferably is related to Customer either by blood or marriage

 

And should provide the following documents

-         Copy of national identity card

-         Employment letter stating the type of employment (Permanent/Contractual), date of commencement, history of salary deduction including basic salary, fixed allowances, variable allowances and deductions.