AYA Bank launches stu­dent loan pro­gram

MIL­LION KYAT

The Myanmar Times - - Business - TIN YADANAR TUN tinyada­nar­tun@mm­times.com

AYA Bank has part­nered with four lo­cal in­sti­tu­tions to of­fer a loan pro­gram that helps stu­dents in ter­tiary ed­u­ca­tion cover the cost of their fees.

“The AYA Ed­u­ca­tion Loan ser­vice is in­tended to help stu­dents study­ing for diplo­mas and mas­ter’s de­grees at in­ter­na­tional-stan­dard pri­vate uni­ver­si­ties,” said U Thura Maung, di­rec­tor of re­tail bank­ing at AYA Bank.

The pro­gram started on Novem­ber 4 with Myan­mar Im­pe­rial Col­lege, Myan­mar In­sti­tute of Busi­ness, Myan­mar Metropoli­tan Col­lege and the Strat­egy First In­sti­tute as part­ner in­sti­tu­tions.

An AYA Bank spokesper­son said the lender was plan­ning to sign agree­ments with two other uni­ver­si­ties, but un­til then only stu­dents of those four schools could ap­ply.

Stu­dents can ap­ply for a loan to cover up to 80 per­cent of their course fees for a value be­tween K500,000 and K15 mil­lion, said the spokesper­son. The loan comes with an in­ter­est rate of 13pc, no col­lat­eral re­quire­ments and must be re­paid within five years. Pay­ments are made monthly.

“Any stu­dent who is over 18 years and has an in­come of K150,000 and above can ap­ply eas­ily on­line,” added the spokesper­son. The ap­pli­ca­tion can use a guar­an­tor if he or she does have the req­ui­site in­come.

Photo: Staff

AYA Bank staff stand at re­cep­tion at one of the lender’s down­town branches.

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