NSB Introduces 'Buddhi' Loans

NSB introduced the unique Buddhi Higher Education Loans' scheme recently.

"Under the 'Five Hubs' concept of President Mahinda Rajapaksa, Sri Lanka is on the way to becoming an Educational Hub. Being a state bank, this is our way of supporting this endeavour.

In Sri Lanka there are many higher educational institutions affiliated to various universities and higher educational institutions overseas. Educating a child in one of those higher education institutions could be very costly.

This can bring an unbearable weight on the parents or the guardian of the child. With the kind of financial assistance we offer, the weight is taken off the parent or the guardian and the child is enabled to 'give wings to his/her dreams," Gamanayake said.

"This unique loan facility is ideal for individuals who want to pursue higher education, whether they are students or professionals. It is absolutely a hassle free loan facility with no tight restrictions. Simply, it is an easy to get loan. If the applicants are unemployed, they can apply for the loan jointly with their parent. Those who are employed can apply independently. If you are applying for a foreign education loan, a joint application is compulsory. The joint applicant, parents or an immediate family member should be living in Sri Lanka," said Gamanayake.

"If a student wants to study abroad we give a maximum loan amount of Rs. 10 million or 75% of the full course fee whichever is less. We need a property mortgage as security. The maximum local education loan amount is Rs. 5 million or 75% of the full course fee whichever is less.

There also we require a property mortgage as security.

"However, up to Rs. 2.5 million could be secured by a personal guarantee of two persons including a parent or an immediate family member acceptable to the bank," he said.

The specialty of this loan is that a grace period would be given to repay the loan equivalent to the course period with an additional three months period.

© 2019 Asian Mirror (pvt) Ltd