[sws_red_box box_size="462"]Update 2013: New version on Student Loans. http://studentlanka.com/2012/12/29/student-loans/ [/sws_red_box]
In Sri Lanka currently some private banks and few state banks offer student loans. Out of these Sampath Bank Pvt Ltd,. is a leader in Student Loan market in Sri Lanka. They offer a comprehensive loan programme for Sri Lankan students.
This Educational Student Loan Programme facilitates for courses are offered by following institutes
- Manipal University degree programme, India
- Sri Lanka Institute of Marketing (SLIM)
- Chartered Institute of Management Accountants (CIMA-UK)
- Institute of Personal Management (IPM)
- Postgraduate Institute of Management, University of Sri Jayewardenepura(PIM)
- Royal Institute of Colombo(RIC)
- Informatics Institute of Technology (IIT)
General requirements for applying Student Loans
The applicants should be citizens of Sri Lanka. Applicants should provide a confirmation letter/ an eligibility letter or registration documents from the relevant institute. For all courses other than Manipal University Degree Programme, Sampath Bank only finance 75% of total cost. Applicants have to bear the rest 25%. It is also required to successful completion of 1st semester/ 1st level of the course in order to eligible for total loan amount. You should also provide documentary evidence on repayment capacity together with two guarantors. When the applicant is not employed or the income drawn is not sufficient to meet the installment, parents / guardian can be the co bearers of the loan. Applicants have to provide salary particulars or income tax documents of parents or the student himself. The current interest rate for Educational Student loans is 22% p.a.
Manipal University degree programme, India
It is open for all students who are eligible to follow the MBA / MSc IT in University of Manipal Sri Lanka branch. Sampath Bank provides 100% of course fee and registration fee also. Repayment period is 4 years.
Sri Lanka Institute of Marketing (SLIM)
All registered and new students who are eligible to follow SLIM / MBA programme can apply for this loan scheme. Applicants should be below 50 years of age. Maximum loan amount would be Rs 400,000. There’s a 3 year repayment period available.
Chartered Institute of Management Accountants (CIMA-UK)
All registered and new students who are eligible to follow CIMA examinations can apply for this loan. Loans are provided for registration fee, subscription fee, exam fees and tuition fees. Applicants have 5 year payback period.
Institute of Personal Management (IPM)
All registered and new students who wish to apply for Master of Management in HR offered by the Institute of Personal Management (IPM) in collaboration with University of Southern Queensland (USQ), Australia and Diploma in Professional studies in HRM by IPM can apply for this loan programme. For Masters maximum loan amount would be Rs500,000/- with a repayment period of 3 years and for professional studies Rs80,000/- with 2 year repayment period. Applicants shoud have a savings or current account with Sampath Bank.
Postgraduate Institute of Management, University of Sri Jayewardenepura (PIM)
All students who are eligible to follow MBA Programmes at the Postgraduate Institute of Management (PIM) affiliated to the University of Sri – Jayewardenepura are eligible for this loan scheme. Applicants should be less than 50 years of age and have to provide details of initial payments to the institute. Repayment period is 3 years. They should also have a savings or current account with Sampath Bank.
Royal Institute of Colombo(RIC)
Students who are eligible for degree programmes of royal Institute can apply for this loan. The amount could go up to a maximum of 75% of the total course fee or Rs300,000.00 whichever is lower. Repayment period is 3 years.
Informatics Institute of Technology (IIT)
Applicants should be eligible to follow a degree programme of IIT and shoul provide confirmation documents from the institute. The amount could go up to a maximum of 75% of the total course fee or Rs300,000.00 whichever is lower. However this can go up to Rs1,000,000/- if applicant mortgage the loan against a property. Repayment period is 3-5 years.
For further information on Educational Student Loans you can contact Sampath Bank on 011-2303050 or visit your nearest branch.
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