This table shows approximate monthly repayments for a range of loan amounts. The repayment amounts are based on the following assumptions
1. Loan interest rate of 9.99% p.a.
2. Standard repayment period of 78 months only:
| Loan Amount | Interest Payments (Month 1-30) |
Monthly Instalment (Month 31-78) |
|---|---|---|
| Aed 125,000 | Aed 1,041 | Aed 3,170 |
| Aed 250,000 | Aed 2,081 | Aed 6,339 |
These are indicative figures. Your Loan Scheme Offer Letter will specify the exact payment and repayment amounts.
Can I apply if I have a scholarship or sponsorship?
We will be happy to consider loan applications to meet any shortfall between your full costs and any other source of funding such as scholarships. You will be expected to provide documentary proof of other funding sources.
How much will it cost?
Interest is fixed over the duration of the loan and ranges from 9.99% p.a. to 14.99% p.a. depending on your loan conditions. You will be given a written quotation in the Offer Letter before you confirm your acceptance of a loan.
Do I need security, references or guarantees?
No. You will, however, be required to provide one or more security cheques for a maximum amount of the loan.
Do I have to open an account with Barclays?
No. You may provide Barclays with 30 post-dated cheques to cover the interest payments for the first two years and six months. For monthly principal repayments that start after two years and six months, you will be asked to submit post-dated cheques after the completion of two years of interest payments.
If you opt to transfer your salary (and you are eligible for a salary transfer loan) you will be requested to open an account with Barclays. The monthly repayments will be debited from your account directly.
How and when are loan funds paid out?
Barclays will not pay out funds prior to the formal start of the course. Barclays will pay any loan amount for tuition fees directly to London Business School – Dubai Office. If you are due a reimbursement of fees as a result, the School will raise a reimbursement cheque.
Do I qualify?
The loan scheme is for students who have accepted an offer of a place in the Dubai-London Executive MBA programme at London Business School and have received confirmation of such acceptance from the School. You must be a resident in the UAE for at least the duration of your studies at London Business School in order to be considered for the loan scheme.
How much can I borrow?
The maximum loan Barclays will allow students to apply for is AED 250,000 and Barclays expects all students to provide some personal, financial contribution to the educational costs being incurred. You can apply for the loan scheme to cover the cost of the programme tuition fees.
The decision to approve or decline your loan scheme application, and the amount of any loan agreed, is entirely at Barclays’ discretion. Barclays makes the decision to lend funds based mainly on the pre-MBA salary and whether repayments will be affordable based on this income. If required, Barclays will also take into consideration a number of factors including likelihood of working in the UAE once graduated, pre-MBA salary and other financial commitments.
Before submitting your application, you are strongly advised to check whether your loan repayment would be affordable, based on your current income, debt-burden and expenditure. Barclays has provided an illustration of approximate monthly repayments for loans of varying amounts above.
When do I repay my loan?
You only pay interest for the first two and a half years. The repayment of the loan commences six months after completion of your course and is over a period of up to four years.
Must I use part of any sign-on bonus from my post-London Business School employer to repay my loan
No. Many candidates will choose to do so, but there is no requirement that you must.
What if I cannot meet my repayments?
The loan is a significant six and a half years repayment commitment and the repayment requirements should not be underestimated. Foreign exchange movements (if future earnings are not in Dirhams), interest rate increases and the strength of the job market can all influence your ability to meet your repayments. If you do experience difficulties in repaying your loan, you may wish to approach Barclays to discuss alternatives to your repayment structure. You may be charged for these alternatives.
Barclays will meet with London Business School every three months to review the status of each loan. If you are in difficulty you should contact Barclays immediately. Failure to repay your loan or to contact Barclays will result not only in Barclays taking appropriate steps to recover the debt, but also in the School taking whatever steps are regarded as appropriate, including suspending your alumni services and benefits.
Can I repay my loan early? Are there any administrative charges or penalties if I do?
You can repay early, in part or in full, at any time. There are no administrative charges or penalties for early repayment.
What else should I know?
You must provide Barclays with further information when you start and complete your studies (e.g. new contact addresses, details of the job you have accepted on graduating, basic salary, bonuses, etc.)
A significant number of London Business School students can benefit from the London Business School – Barclays Loan Scheme and the School is committed to preserving its integrity and ensuring its long term success. London Business School and Barclays may share information about you that is relevant to your loan at any stage prior to the full repayment of the loan and you will be required to sign a mutual disclosure agreement to this effect.
If you have any questions about the London Business School – Barclays Loan Scheme that are not addressed in these pages, please contact the School’s Financial Aid Officer at financialaid@london.edu
When can I apply?
To apply, you must have accepted an offer of a place (i.e. paid the commitment fee) for the Dubai-London Executive MBA programme at London Business School. No student can apply before they have accepted a place.
If you require loan financing, you are strongly advised to apply promptly, to allow time for you to explore alternative sources in the event that your Barclays application is declined.
How do I apply?
Students wishing to apply for the London Business School – Barclays Loan Scheme can find the application form and the Terms & Conditions attached to this brochure, at the London Business School office, and on both www.barclays.ae and www.london.edu/dubai-londonemba. You will need to submit copies of your full bank statements for the last three months, a letter from your employer stating proof of employment and monthly income (if bank statements do not show three monthly credits for salary), copy of your valid passport with a valid visa page, and other supporting evidence with your completed application. Barclays staff in UAE administer the scheme in close collaboration with London Business School.
What if I miscalculate the amount I need?
If you find during your studies that you underestimated your budget in your initial loan application, you may apply to Barclays to adjust the loan amount. Barclays reserves the right to refuse to increase any loan.
|
 |
