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REPAYMENT PERIOD

* Against Guarantors – Up to 3 years

* Against Mortgage over Property – Up to 5 years.

i.e. in equal/equated instalments.
a grace period may be considered in addition to the above subject to a maximum of 12 months, if the loan is disbursed in stages and the initial disbursement during the first 12 months is less than LKR 75,000/- or 25% of the loan amount, whichever is lower.

The student to prove the repayment capacity of a loan that would be sufficient to complete the course. When the applicant is not employed or the income drawn is not sufficient to meet the installment, parents/guardian of the applicant could be the co borrowers of the loan. However, the applicant to justify the income of the parents/ guardian to meet the installment. Loans will not be considered, if the repayment capacity is sufficient only to complete part of the Program

INTEREST RATE

Please contact the nearest branch manager

Go to Branch Locator

SECURITY

* Loans up to LKR 300,000.00 Applicant to provide two individuals acceptable to the bank as guarantors.

* Loans in excess of LKR 300,000.00 Applicant to provide a property as security (Subject to 65% of the Force Sale Value approved by the Valuation Committee of the bank) or any other acceptable security to the bank.

GENERAL GUIDELINES FOR BOTH SCHEMES

Eligibility

Should be a Sri Lankan Citizen

Age – less than 50 years

A letter from the respective institute confirming that the applicant is eligible to follow the particular course, with the total cost of the program and the sum already paid

The repayment capacity to repay the loan instalment to be proved by the applicant/s. (i.e. The applicant to provide documentary evidence to justify that the income is sufficient to meet the monthly installment)

Loans will be considered, only if the repayment capacity is adequate to meet the total cost involved in completing the entire course in full.

The applicant should have a Current/Savings account with us and those who do not have accounts can open Current/Savings accounts for this purpose.

Other Concerns

Obtain an undertaking from the applicant to remit the monthly salary directly to the Current/Savings account with the bank.

Loan proceeds will be released in stages and will be directly remitted to the respective institutions. Applicant’s contribution, if any to be utilized for the initial payment of the respective courses

The applicant is to provide necessary documentary evidence to prove that he/she is eligible to follow the course.

Documents to be furnished by the applicant

Preliminary Application for the loan facility

Documentary Evidence on Repayment Capacity

Letter from the respective institutions confirming that the applicant is eligible to follow/continue the relevant Program including the course fee/amount already paid.

Guarantors statement, together with documentary evidence of income / tax particulars.

Documents relating to the property offered as security(Deed/Plan etc.)