Guidance To Apply Student Loan in Sri Lanka

In 2018, the Government of Sri Lanka has introduced an Interest Free Loan Scheme to expand higher education opportunities for students who are unable to secure a placement in the State Universities although they were qualified to enter State Universities as per their GCE A/L Examination results. Benefits of the BSc.

Procedure

  • Visit a Bank of your choice and discuss your requirement with an Bank officer.
  • He will guide you through the loan application process.
  • Please fill a Personal Loan application form and hand over to the branch with the required documentation.
  • Remember to take your national identity card, driving license or passport. This is necessary for us to identify you.

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Required Documents

  • Letter from the Governing Body confirming the studentship
  • Recent salary slip or documents evidencing your income
  • Letter of undertaking from the employer to remit your salary to a Bank account
  • Copy of a recent utility bill showing your name and address

Eligibility

  • Students below 18 years of age following academic studies at local and international schools.
  • Students who are following professional study programmes at local educational institutes such as CIMA, CIM, ACCA, CFA, AAT & CA etc.
  • Students following foreign undergraduate and post graduate degree programmes at Local Higher Education Institutes in the areas such as Medicine, Engineering, Accountancy, Hospitality Trade, IT, Business Management, Law etc.
  • Students seeking foreign university placements in various fields as mentioned under point 3 above through local agents/institutes.

Documents to Use

Application forms may vary for each Agency / Bank.

Instructions

Eligibility Criteria

  • If you are a student preparing for a professional examination or a parent or guardian of such student, you can apply for an Education Loan. You should also have an adequate regular income to repay the loan.
  • If the applicant is a parent or guardian, the student must be a joint applicant.
  • The maximum loan amount you can take will depend on the course of study and your repayment capacity.

Benefits Of Education Loans

  • You have a choice of fixed or floating interest rates.
  • Loans customized to suite the payment requirements of the course you want to follow
  • Speedy processing
  • Convenient access to loans officers for guidance and advice before or during repayment period

Drawdown

  • You can draw funds within the loan amount, as and when you require to meet your course fees.
  • However the total loan amount should be drawn within 24 months from the first drawdown.
  • Repayment Period
  • You will receive a maximum of 24 months for each drawdown to repay the loan.
  • However, the total loan should be repaid in full, within 48 months from the first drawdown.

Required Information

  • Applicant Details
  • Name of the applicant
  • Date of Birth
  • Fathers / Spouse Name
  • Mothers Name
  • Permanent / Residence Address
  • Marital Status
  • No. of Children (if Married)
  • Passport Number
  • Driving License Number
  • Occupation

Education & Course Details

  • Examinations Passed
  • Name and address of Institution / University Studied
  • Year of Passing
  • Percentage of marks / Class Obtained
  • Name and address of Institution / University in which going to study
  • Contact Person Name in the University
  • Course Name
  • Course Applied for
  • Course approved by

Employment Details

  • Name of the current employer (if employed)
  • Office address
  • Designation
  • Date of Joining
  • Type of Business (if self-employed)

Financial Details

  • Gross Monthly Income
  • Net Monthly Income
  • Other Income (if any)
  • Investments (if any)

Need for the Document

Student loans also known as Education loans or higher education loans have become a popular method of funding higher education in Sri Lanka with the cost of educational degrees going higher. The spread of self-financing institutions (which has less to no funding from the government) for higher education in fields of engineering, medical and management which has higher fees than their government aided counterparts have encouraged the trend in Sri Lanka. Most large public sector and private sector banks offer educational loans. The Education loans will ensure that worthy students are empowered to take their destiny in to their own hands. It is designed to help students pay for college tuition, books, and living expenses. Unlike other financial aids like scholarships, grants and stipends, a student loan must be repaid by the recipient although with some ease than the other loans. Most of these loans are to be repaid after the completion of the course of education.

About the Author

Sande Kennedy is the founder and Editor in Chief of SandeKennedy.co.ke & Kenyans247.co.ke He is a Kenyan-based Internetprenuer,blogger Political Activist & informer who has an interest in politics, governance, corporate-fraud and human-interest. Kindly drop me a note if you feel aggrieved on any matter that you would want to be highlighted  Twitter: @nyosake , Instagram: @itssandekennedy WhatsApp: +254791890826 Read More about me here