AYA Bank launches student loan program
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.
AYA Bank staff stand at reception at one of the lender’s downtown branches.