1. Eligibility
Education loans are a great way to get the funding you need for your studies. They are available from a variety of givers in Sri Lanka and are designed to help students pay for tuition fees, books and living expenses. They usually do not require a collateral guarantee and can be repaid over time, depending on the lender.
We are here to make your higher education dreams come true by offering a loan that will cover up to 90% of your course fee, along with a flexible repayment system. This means you can focus on studying and not worry about how much you are paying back.
Unlike other study loans in Sri Lanka, our Education Loan will not only pay for your fees but also give you flexibility to pay back the amount at your own pace. With an interest rate that is compelling and competitive, this loan will ensure you have a great education without breaking the bank. It’s simple to apply online and you can be approved within 24 hours, so that you can start enjoying your studies! Our expert team will be with you every step of the way to help you find your best option and guide you throughout.
2. Fees
Education loans are a financial aid to help students and their families pay for tuition fees, textbooks, living expenses, and other expenses. Loans can be taken from a variety of lenders and are a great way to get the money you need for your studies. However, you should always do your research to ensure you’re getting the best deal possible.
Unlike scholarships and grants, student loans must be paid back. While this may make them a bit more expensive, they can be a lifesaver for those who are unable to cover their education expenses on their own.
In Sri Lanka, you can apply for education loans from a variety of banks. Some require a collateral or guarantor, while others offer loans with more competitive rates. It is also important to understand the terms and conditions of each loan before applying. You can also ask your lender how to repay your loan, as different loans have varying payment options.
Our offers an education loan that pays up to 90% of your course fee, with a repayment period that can be extended up to 7 years. You can choose to pay your loan back monthly, or in full at any time during the term.
3. Interest
Education loans Sri Lanka come in different shapes and sizes, depending on the lender. While most of them offer the same types of loans, some have a few key differences that can make all the difference to your financial health and happiness.
For example, lenders offer an education loan that has the best interest rates in the country, and a convenient monthly installment plan that allows you to keep your monthly payments low. This combination will help you pay off your student loan quickly without racking up too much debt at one time.
Moreover, the student loan has also got a special feature in the form of a moratorium option to allow you to pay off your loan without any additional interest. This is especially useful if you are currently in an undergraduate course and will not be able to repay your loan until after the end of your course.
The World Bank recently approved Sri Lanka’s request to become an IDA country, which is a big deal for any country that wants access to concessional financing from the multilateral development institution. This type of financing can help countries like Sri Lanka implement policies that will drive economic recovery and boost the livelihoods of millions of people who are struggling to make ends meet. It also means that Sri Lanka can now borrow from the IDA at attractive interest rates, and benefit from other World Bank programs, including technical assistance and policy advice.
4. Repayment
The repayment of education loans in Sri Lanka depends on several factors, including the loan amount and whether it is a collateral or an unsecured loan. Lenders offer flexible repayment terms that make it easy for students to meet their financial obligations.
Some banks even provide loan waivers to students who are unable to find employment immediately post their course. However, this decision entirely depends on the policies of the lender.
There are other strategies for loan repayment as well, such as setting up a savings fund and sending money towards your education loan each month. This can be done in several ways – by receiving cash windfalls like signing bonuses and tax refunds, or by setting up a recurring savings fund that automatically deposits a fixed amount each month.
You can also start living a more disciplined lifestyle during your loan tenure to reduce the overall interest paid. This will not only help you pay off your education loan quicker, but will also teach you valuable financial skills that will benefit you for the rest of your life.
Another way to lower your interest rate is to refinance your existing education loan. This is an option that takes a lot of skill and know-how, so you may want to get some expert help in this regard.
Lastly, you can consider transferring your loan to another bank that offers a lower interest rate. Usually, this is possible when you have a good credit score and are making payments on time, but the process can be complicated and a bit tricky if you don’t know what you’re doing. You’ll need a lot of time and patience to navigate this process.