Higher education loans of up to Rs 10 million are now available from the Commercial Bank of Ceylon to undergraduates of the Open University of Sri Lanka (OUSL) enrolling for Bachelor’s or Master’s degrees from the University of Essex, UK.
A Memorandum of Understanding signedby the OUSL with the bank paves the way for the latter to provide up to double the standard higher education loan facility at a concessionary rate of interest to second- and third-year undergraduates, exclusively to continue their degree studies at Essex University.
The loans would carry a special interest rate, and an extended grace period for the duration of study at the university.
This partnership between the OUSL and Commercial Bank is a milestone in the higher education system in Sri Lankaandwidens the scope of the study field, further opens the prospects foroverseas studies and enhances the quality of education, benefittingthe students and improving the overall education system in Sri Lanka, the Bank said.
Commercial Bank has also introduced a loan scheme for students who wish to follow the degree programs offered by the OUSL under this MoU signed by the Bank’s Chief Operating Officer S. Prabagar and Deputy General Manager, Personal Banking, Delakshan Hettiarachchi. The signatories from the OUSL were the Vice Chancellor Prof. P.M.C. Thilakerathne and Registrar Mrs Vindya Jayasena.
At the time of signing the agreement, a web page for education loans was also launched by the Vice Chancellor. Commercial Bank is a consistent supporter of the higher education aspirations of young Sri Lankans and spends over 75% of the funds allocated to the Bank’s Corporate Social Responsibility Trust on enhancing computer literacy and expanding digital education. The Bank has donated 298 IT labs to date under its flagship community initiative to take digital literacy to even the most rural towns in the country.
