Nasr Social Bank, chaired by Dr. Maya Morsy, Minister of Social Solidarity, has revised the terms and conditions of its educational expenses financing product, offering customers new and more flexible benefits to help cover education costs. The revised product also introduces the option of financing and paying university tuition fees in installments, which was not previously available under the product’s terms.
Dr. Maya Morsy confirmed that the revised product offers a key advantage by combining financing and savings. Customers receive full financing for the entire educational stage, with tuition fees disbursed in annual installments based on the actual expenses submitted. Meanwhile, the remaining portion of the financing allocated for future academic years is placed in a savings instrument offering an annual return of 15%. This enables parents to earn returns on funds that are not yet needed until they are disbursed to cover tuition fees for subsequent years.
The Minister of Social Solidarity explained that this mechanism provides customers with additional benefits from the financing amount, as the unused portion is invested in a savings instrument instead of remaining idle. This enhances the financial value received by the customer throughout the financing period and allows them to benefit from the returns generated on funds allocated for future educational expenses.
Dr. Maya Morsy added that the importance of this financing lies in its role as one of the solutions that help Egyptian families cope with the increasing burden of education costs. It provides the necessary financing for tuition expenses on flexible terms and enables parents to plan their educational obligations throughout the entire academic stage, thereby easing the financial pressures associated with tuition payments and giving families greater stability and a stronger ability to meet their children’s educational needs.
In the same context, Mr. Walid El-Nahhas, Deputy Chairman of the Bank’s Board of Directors, confirmed that the financing also carries a return rate that is 0.5 percentage points lower than the rate applied to the bank’s cash financing products, in addition to an exemption from administrative fees. This provides customers with more favorable financing costs while helping them cope with potential annual increases in tuition fees.
El-Nahhas pointed out that the product’s terms have been amended to include financing and installment payments for university tuition fees, expanding its scope to cover different stages of education and providing parents with a more suitable tool for planning educational expenses, whether for schools or universities.
The product targets parents of school and university students who are government employees, public business sector employees, pensioners and pension beneficiaries, employees of private-sector institutions accredited by the bank, bank employees, and holders of savings products at Nasr Social Bank.
El-Nahhas explained that the revision of the product’s terms comes as part of Nasr Social Bank’s commitment to providing financial solutions that respond to the needs of Egyptian families and help them manage their educational obligations more flexibly, while generating additional benefits from funds allocated for future expenses by combining financing and savings in a single product.
🖋️Source: Akhbar El Yom Portal
