Educational loan | Sri Lanka | Prof.lk | Mohamed Hanas

 Student loan or Education loan in Sri Lanka…

Are you thinking that, you’re in an advanced stage in your career? or Are you trying to move on to a next level of your career?orAre you wishing to learn something new throughout your educational career?

If you do not have paper qualifications for the education system in Sri Lanka, no matter how talented you are, it is just like “writing in water”.
Therefore, if you are someone who wants to make progress in the education system of Sri Lanka, you need to find and act on the steps to further enhance your academic and professional qualifications right now.

Thus, when we intend to follow various educational and professional courses to enhance our paper qualifications, we should face the burden of multiple expenses associate with the relevant course.When there are no ways to compensates the expenses ourselves, we have another opportunity for sure.YES…. you have chances to get a educational loan.If you’re the person who wiling to get a educational loan, then this post is for you!!

Student loan or Educational loan??

A loan facility which given by the bank or other financial institutes to compensates the expenses of course fees, examination charges and any other expenses associated with the course. If you’re 18 or 18+, then you’re eligible to apply for a educational loan.Whether you are employed in a company or self-employed or unemployed; You still have the opportunity to get a loan. Let's see how this is applied…

If you’re an employee in a company, you should be a permanent employee who completed the probation period of the reputed company.
If you are self-employed, you must have a professional qualification in a particular field or if you are running a business on your own, the particular business must be properly organized and seen as a structured business.
If you’re an unemployed, you may jointly apply for the loan with your parents/guardian or spouse. The persons will act as a sub-borrower. However, the sub-borrower must at least 18, had a good record on financial transaction on past and ability to repay the loan.
This criteria can differ from lender to lender.

Next, how to choose the right lender .... Here are a few things to keep in mind.

1. Interest rate
2. Repayment period
The important thing here is to choose the right lender who have a low interest rate and a good repayment period.
In common, the payment amount of the loan consist of two parts. first one is loan amount and the second one is interest.
In these days, the lending institutes are providing a flexible repayment plan in a periodical bass for the purpose of making the payment by borrowers easier.Borrowers can only pay interest at regular intervals and repay the loan at a later date.

Collateral…

Lenders sometimes ask for collateral based on the amount of loan you are seeking or the nature of the education you want to pursue (domestic or foreign education).
Here what is collateral is, lenders own one of your property or asset until you make the payment of the loan in full. lenders own the rights to seize the property or asset that you were gave as collateral, in case you failed to settle the loan amount in full. lenders accepting not only the property mortgage and vehicle mortgage but also a person who has good financial background in past. The collateral must be grater than the amount you need as loan.

Needed documents for the application of loan.

From a Student...
1. Fully completed application form
2. A letter from the relevant institute that indicate the membership of the student.
3. Schedule from the relevant institute that provides the information of the course charge and the period of time of the course
4. A copy of N.I.C or Passport

From a Employee/ Salaried party.

1. Latest salary sheet/ Pay-sheet
2. Bank statement
3. Certification from the employer
4. Certification of the permanent residence
5. N.I.C or Passport.

If you’re running a business in your own, the income statement and the bank statement will be needed.

The amount of loan that you can get from the lender???

The nature of your course, ability of the repayment of loan, the value of collateral and the age will be the factors that determine the amount of loan.

Through this post we have looked at the terms, qualifications and some more things normally needed for obtaining a student loan facility.

first visit the financial institutions where you have accounts and submit your requests.Then, gather relevant information from other financial institutions. Compare and choose the right lender where you can get most benefits. it all depends on your needs

Learn new things. Don’t just do something for the sake of “getting paper qualified”
If this post has helped you in any way, please share with other friends. if do you have any doubts, questions regard this post, please leave a comment in the comment box.
Thanks.

Mohamed Hanas

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