PABC helps aspire students and parents

Pan Asia Bank recently launched a new education loan 'Aspire' to offer financial support to pursue higher studies in Sri Lanka and abroad. The loan scheme will mainly cater to two segments; ie, parents who wish to support their children's higher education and employed professionals.

The loan offers financial support to complete recognised degrees in UGC approved private/semi government local universities, foreign universities both locally and abroad, recognised professional exams, UGC approved external first degrees, Masters and PHDs.

The unique educational loan offers loan facilities ranging from a minimum of Rs 50 000 to Rs 7.5 Million to cover 100% of the cost. All payments will be submitted directly to the education institute and shall be limited to the amount specified by said institute. The Bank offers a flexible loan repayment schemes of up to 7 years with an interest rate of 12.5% p.a.

The loan scheme additionally features the attractive facility of not requiring tangi- ble collateral up to 2.5 Mn from employed parents/students depending on the repayment capacity and up to 1 Mn from business parents/students. There will also be a convenient online approval process.

"Aspire" offers a convenient application process for both parents and employed professionals. The application process can be carried out via the Bank's official website www.pabcbank.com and submitted online or by visiting any of the 78 PABC branches island wide.

Speaking of the Bank's motives in launching the new loan scheme, DimanthaSenevirathne, CEO of Pan Asia Bank said "[PABC] realised that there is a big vaccum in terms of financing the students and general employed professionals from pursuing higher educations." The "Aspire" loan scheme is introduced with the objective of supporting students and employed professionals achieve tertiary educational qualifications and thereby helping to strengthen the economy of Sri Lanka.