The Coronavirus pandemic has already culminated into financial hardship for a lot of people around the world. And UAE residents haven’t been immune to this either.
Already had your salary cut, been put on unpaid leave or lost the bulk of your regular income from business? Or dreading you might face these consequences sooner or later? Here’s something to ease your worries a bit – UAE’s government, banks, and now even its schools, are stepping up to support residents.
Worried about how you’re going to afford your kids’ school fees amid this crisis? Our team has shortlisted the financial relief measures and initiatives being introduced to help make school fees more affordable for you.
Banks announce interest-free installment plans for school fees
Various banks across the UAE are now offering interest-free installment plans for all school fee payments, for up to six months, at zero processing fees. This gives you the option of spreading tuition fee payments over a six month tenure on your credit card, releasing the pressure on your finances.
While almost all banks in the UAE have introduced relief measures to support parents with school fee payments, here are some that stand out.
ADIB is supporting parents by providing the option of spreading school fee payments over a 12-month tenure, through free-of-charge installment plans. Alternatively, you can receive 5 per cent cash back when paying school fees with any ADIB covered card. ADIB will also offer a free temporary limit increase on covered cards, however eligibility criteria is based on bank’s discretion.
Check out ADIB Value+ Card to avail this offer.
You can now convert your purchases into monthly installments at zero per cent interest and zero processing fees. This applies to school fees, hospital fees, utility bill payments and grocery purchases. Transactions must be over AED 1,000, and made from 1st April to 30th June to qualify.
Check out Standard Chartered Platinum Credit Card to avail this offer.
HSBC is also offering its credit card customers the six-month interest-free installment plan on school fees, with processing fees waived. Additionally, the bank has also introduced a provision to temporarily increase the credit limit for eligible credit cardholders.
Check out HSBC Cashback Credit Card to avail this offer.
The bank has introduced the service charge-free and interest-free installment plan on school fee payments and grocery purchases, for a six month tenure. In another move to support new credit card customers, Mashreq is waiving interest charges for all retail purchases for the first six months.
Check out Mashreq Platinum Elite Credit Card to avail this offer.
ADCB has announced 3-month and 6-month payment plans at zero interest and zero processing fee for school fees and utility bills. To further ease the financial stress on customers, the bank has reduced late payment fees on its credit cards by 50 per cent.
Check out the ADCB TouchPoints Platinum Credit Card to avail this offer.
Fees reduced at some schools
The Al Najah Education group that operates Dubai-based Horizon English School and Horizon International School, has announced a 20 per cent reduction in school fees at both schools. This applies to Term 3 for the 2019-2020 academic year, for all year groups. Another group of schools run by the PACE Education group has waived school transport fees for three months (April to June). We hope to see more schools jump on the bandwagon soon.
It’s only fair that schools support parents by reducing costs, since it isn’t just the financial toll that’s stressful. The e-learning program is obviously not the same as being on the school campus. Parents, some of whom are working from home at this time, now have an even bigger role to play in their kids’ daily home schooling routine. Younger kids obviously need to be supported and monitored along the way, and that obviously presents a tough challenge for working parents.