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By Eunice Wawuda
Kenya’s Gulf African Bank has signed a financing deal with EduCare – a student recruitment agency in a move that will see students seeking overseas education are not constrained during their schooling abroad.
Through the equity release financing product, parents and guardians who own property will be able to unlock the value of their homes and successfully turn the bricks and mortar into cash to fund their dependent’s school fees in leading universities abroad.
The deal will cover tuition fees, living and accommodation expenses, cost of books, and cost of commuting amongst other related elements.
EduCare links students to universities abroad as well as VISA applications, accommodation booking, airport procedures, Pre-departure Briefing and Airport Pickup services.
Speaking yesterday while signing the deal, the Chief executive of EduCare Omar Mohamed said the financing product with GAB will see parents and guardians who own property unlock the value of their homes and successfully turn the bricks and mortar into cash to fund their dependent’s school fees in leading universities abroad.
“This partnership will enable us to help qualified applicants secure admission, get all related pre-requisites and share their details with Gulf African Bank for financing. They will also benefit from career guiding and counseling VISA application, airport procedures amongst a series of other benefits,” said Mr. Omar.
Through this partnership, individuals through the Equity release product can access financing of up to 80 percent of their property value payable within 20 years to fund their children’s education overseas.
This partnership is also intended to encourage education planning amongst Kenyans and facilitate the unlocking of idle assets for the benefit of households in Kenya.