NDB promotes loans for higher education

Wednesday, 7 January 2015 00:02 - - {{hitsCtrl.values.hits}}

NDB’s latest introduction to the market NDB Educator Loan is a unique loan facility that enables students to pursue their dream education and career aspirations without having to worry about finances. Its unique feature is that the loan is disbursed in stages and the grace period is extended during the entire tenure of the degree/course; so that the students or their parents would have to pay a lower instalment during the period of study and start repaying the entire loan instalment only at the end of study program. Commenting on this proposition, Assistant Vice President for Products and New Product Development of NDB Darshana Ratnayake said, “We are pleased to present the customised Educator Loan facility to aspiring youth of Sri Lanka; thereby enabling them to realise their education

and career aspirations with ease. The loan facility will enable students to avail a recognised education qualification from a recognised foreign or local university. Higher education plays a vital role in our culture and is important in shaping an individual’s future. This is why NDB has taken the initiative to introduce a customised solution that would make such education more affordable to all; so that our youthwill now enjoy the financial freedomto pursue their education and career dreams.” The loan will be granted to fun the higher education needs of an employed individual. For unemployed students the facility will be granted based the parent’s income while the child may be considered a co-applicant with a shared responsibility for repayment. The loan amounts may even exceed Rs. 4 million as per the requirements and the applicant’s repayment capacity. Setting itself apart from the conventional education loans in the market, NDB Educator offers the flexibility of repaying over a period of eight years out of which; the entire course tenure will be considered as a grace period where the applicants would only be required to repay the interest portion. Up to 75% of the course fee will be financed through the loan which will be disbursed in stages as specified by the institute or the university. The full repayment of the facility will commence upon course completion – where the student may even take over the responsibility for repayment once he/ she gains employment.