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Commenting on this proposition, NDB Assistant Vice President for products and new product development Darshana Ratnayake said, “We are pleased to present the customised NDB-SLIIT Achievers Education 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 SLIIT or from a recognised international university affiliated to SLIIT. This would not only enable them to obtain a premium degree here in Sri Lanka, but will also lessen the foreign currency drain due to students leaving the country for education.”
“Higher education plays a vital role in our culture and is important in shaping an individual’s future and quality of life. It opens doors to better employability while providing a balanced outlook of life and society. Selecting a suitable higher education is imperative to succeed in a knowledge-driven, competitive world. This is why NDB and SLIIT have taken the initiative to introduce a customised solution that would make such education more affordable to all; so that students can now pursue their education and career dreams,” said Ratnayake.
The loan will be granted to the parent based on his/her income and the child will 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-SLIIT Achievers Education Loan offers the flexibility of repaying over a period of eight years out of which; up to four years would be offered as a grace period where the applicants would only be required to repay the interest portion.
The grace period will coincide with the total duration of the course, thus easing the financial burden off the parents and students; so that they could focus on their studies without having to worry about meeting the loan repayment. Up to 75% of the course fee will be financed through the loan which will be disbursed in stages as specified by the institute. 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.
Commenting on the partnership SLIIT President/CEO Prof. Lalith Gamage said, “At SLIIT we enable students to enjoy world-class education right here in Sri Lanka. SLIIT students have the option of selecting from a range of higher education qualifications based on their professional and career aspirations. They could either study an UGC approved SLIIT degree programme in a preferred field such as IT, Business Management. Engineering etc. or follow a foreign degree through our strategic affiliations with a number of leading Australian, British, American and Canadian universities.
“These globally accepted degrees are offered in multiple fields including Computing, Business and Engineering; and students are offered the flexibility to either complete the degree program in Sri Lanka or transfer abroad after two years of study. We are glad to partner NDB in offering this special loan scheme that encourages Sri Lankan youth to reach their fullest potential and achieve their biggest dreams.
“We believe that making global education more accessible to local students paves the way towards creating the new generation of leaders that would propel the next phase of our country’s growth. Therefore, I wish to invite the young ones who have just finished their Advanced Level studies to make use of this valuable opportunity to realise their future goals.”
SLIIT is a premier degree awarding institute approved by the University Grants Commission under the Universities Act. Renowned for the excellence of its teaching, as well as for preparing students for the world of work, SLIIT has created a learning and research environment with best possible resources for students. While encouraging students to be innovative and committed towards excellence, SLIIT aims to produce graduates with strong analytical, problem solving and communication skills. SLIIT is also a member of the Association of Commonwealth Universities and International Association of Universities (IAU).
NDB-SLIIT Achievers Education Loans will be made available via NDBs island wide network of 82 branches. Further details on the education loans and bank’s many products and services can be obtained from its 24 hour Call Centre, by dialling 011 244 8888 or by visiting NDBs corporate website via www.ndbbank.com.
