People’s Bank and University Grants Commission tie up to provide laptop loans to undergraduates

Thursday, 30 July 2020 00:10 - - {{hitsCtrl.values.hits}}

People's Bank Chairman Sujeewa Rajapakse exchanging the MOU with UGC Chairman Senior Professor Sampath Amaratunge

People’s Bank has entered into a partnership with the University Grants Commission (UGC) Sri Lanka to provide loan facilities to undergraduates of all universities in the country with easy repayment plans.

This special loan scheme has been introduced to fulfill a promise given by President Gotabaya Rajapaksa in his election manifesto ‘Saubagye Dekma’ to empower all university undergraduates with the latest technology. A Memorandum of Understanding (MoU) announcing the partnership was exchanged by People’s Bank Chairman Sujeewa Rajapakse and University Grants Commission (UGC) Senior Professor Sampath Amaratunge on 29 July.

People’s Bank Chief Executive Officer/General Manager Ranjith Kodituwakku, UGC Secretary Dr. Priyantha Premakumara, UGC Head of Finance/Accountant Ubayakula Ranaweera together with Retail Banking Senior Deputy General Manager K.B. Rajapakse, Process Management Deputy General Manager G.P. Renuka Jayasinghe, Quality Assurance and Retail Banking and Channel Management Deputy General Manager Lionel Galagedara, all from People’s Bank, were present at the occasion.

With this historical partnership, all Sri Lankan undergraduates will benefit through a concessionary loan scheme to purchase laptop computers which suit their respective education areas. The loan facilities will be granted to purchase laptops with specifications that are pre-approved by the University Grants Commission at a more concessionary interest rate with easy repayment plans.

The undergraduates are privileged to pay only the interest portion during the university course period while repayment of the loan capital will commence after they have graduated from their respective university.

Expressing his opinion on the partnership, People’s Bank Chairman Sujeewa Rajapakse stated, “We are pleased to introduce this special loan scheme for undergraduates of all universities in the country. We are confident that these laptops will assist them to carry out their studies while providing them access to global knowledge which will allow them to be always updated in their respective field.”

University Grants Commission (UGC) Chairman Senior Professor Sampath Amaratunge stated, “Today, we marked another milestone in our university system in the country, I hope this strong bond with the largest bank with such a widespread branch network in the country will provide all the undergraduates with a great opportunity to complete their degrees while creating financial discipline in their life.”