Pan Asia Bank’s ‘Aspire’ loans support financing education
‘Aspire’ is a value-added education loan scheme from Pan Asia Bank, which is known for its innovative line of banking products. It is a unique education loan scheme introduced by Pan Asia bank to support financing education in Sri Lanka or abroad.
The Aspire loan scheme caters mainly for parents or siblings of who wish to spend on their children’s/siblings’ higher education to complete recognised diplomas, degrees in the University Grants Commission (Ugc)-approved private/semi government local universities, education institutes and foreign universities both locally and abroad and recognised professional exams.
This loan can also be obtained by employed professionals to complete recognised professional exams, Ugc-approved external first and master’s degrees and Phds.
Aspire differentiates it from other education loans offered in Sri Lanka, due to its unique features. The minimum loan amount that can be obtained is Rs.50,000, while you can go up to a maximum loan amount of Rs.7.5 million. The maximum repayment period is seven years and the interest rate is 16.45 percent p.a., which works out to only Rs.2,011 for every Rs.100,000. This loan can also be used to purchase a laptop or desktop computer up to a maximum of Rs.100,000 in addition to being used to meet the cost of the study programmes.
Aspire is not just another traditional loan system. Whether you are employed or self-employed, Aspire will assist you to achieve educational aspirations, be it for your own professional development or your children’s/siblings’ higher education dreams. For example, salaried customers can obtain this loan without guarantors or assigning the salary up to Rs.2.5 million, truly making the loan accessible to many. The customer can step into any of Pan Asia Bank’s 85 branches islandwide and submit a loan application and the bank promises a fast and hassle-free service on the processing of the application.
This loan facility has been designed in such a way that the loan amount will be directed to the respective institute or university as a draft/tt/direct transfer locally or abroad.
With the Aspire education loan scheme, Pan Asia Bank has enabled parents to make a responsible choice for their children’s future that would help them face life’s real challenges with confidence and reach their full potential.