Schooling Loan

Program Description

At the beginning of the academic year, a schooling loan is available for full-time employees with certain terms and conditions governing the loan provision.

 

Value of a Loan

The loan amount is equal to LE 2,500 to be deducted from the monthly salary starting the month of August, where it is settled over 11 month period in equal installments.

 

Personnel Permitted to Apply for Loans

The loan is granted for full-time employees who have at least 12 months of service with AUC, with job levels one to nine. Employees who are working on projects/grants should obtain their department head’s approval on the loan application form. Renewal of contract or participation in the Staff Supplemental Pension Plan is a requirement, thereby guaranteeing ultimate settlement of the loan. There is no limitation for those who have an outstanding personal loan with CIB. Eligibility is suspended to those who are on leave without pay until they return from their leave, as mentioned in chapter three.