Stanchart Clients To Get Up To Ksh 7 Million Loan For University Fees

Standard Chartered bank clients can apply for personal installment loans of up to 7 million shillings to finance the tuition, extend supplementary credit cards to their children to manage the living expenses for their children studying abroad.

This is after the Standard Chartered Bank partnered with Uniserv Education limited that will see Uniserv provide a suite of solutions including University search, application services, the visa application process, Covid-19 requirement advice, and orientation services to the banks’ clients.

Uniserv has over 300 global university partners across the UK, USA, Canada, South Africa, Australia, Dubai, India, Turkey, Cyprus, Switzerland, Netherlands, Malaysia, China, Slovenia, Spain, Germany, Hungary, and UAE.

This rich pool of education partners will ensure that Standard Chartered bank clients have a wide selection of tertiary education options to choose from.

Rahim Kassam, Head of Operations at Uniserv Education, said: “Uniserv applauds Standard Chartered bank for their commitment towards co-creating innovative solutions through partnerships like this to solve for customer needs at a financial and non-financial level.”

“We have been helping parents and students to identify suitable educational programs at reputable international universities for over 16 years. We therefore fully understand the complexity that comes with searching and sending young adults to universities abroad. The process is not only complicated for the student but can be very stressful for parents who want the best for their children.

The onset of COVID-19 pandemic further exacerbates this process and now more than ever parents and students need guidance on how to navigate the new regulations as they send their children to study abroad” Added Rahim.

Paul Njoki, Head of Wealth Management at Standard Chartered Kenya and EA, said: “Through our research and in listening to our clients, we have established that the process of identifying and getting access to credible international universities is a complex process for both students and their parents. The process becomes even more stressful when parents and their children are left to navigate the visa application process, identifying accommodation and getting acquainted with the immediate requirements that students require within the first three months of settling into a new institution away from their familiar environments and family relationships.

As universities across the world re-open their doors to resume regular programs on campus and virtual programs where needed, we understand that parents today need more guidance than has been in the past. Our entire suite of solutions, financial and non-financial, will help them in the journey of securing education for their children”

Standard Chartered Bank will also provide financial advisory and solutions to aid parents in meeting the costs of international education. The bank credit card solution allows for parents to provide up to four supplementary cards linked to an anchor account. This means that parents sending their children off to school can request a supplementary card, that will enable the child to make payments whilst they are away. At the end of the day, financial tracking is made easy for parents as the anchor cardholder will receive notifications from the bank for spending made on the supplementary card by their child abroad.

A key challenge for parents as they pay for university tuition is the consideration around currency exchange. Standard Chartered Bank clients can today negotiate a fixed rate with the bank and set up the agreed rate on the SCB mobile app. This removes the inconvenience of having to call the bank or come to the branch to negotiate on exchange rates every time they want to send a payment abroad.

“Through our wealth advisory business, we are well equipped to help parents prepare for the financial responsibility of sending their children to university. We not only offer a competitive education policy but also provide investment solutions with the potential to earn good returns that parents can use to pay for their children’s education. We encourage clients to start the planning early, and reiterate that we will support them through this journey,” Added Paul