“Great future for you” with ”HNB FUTUR+” Higher Educational Loan Scheme
View(s):The “HNB FUTUR+” Higher Educational Loan Scheme supports your pursuit of excellence at local and foreign educational institutes or universities to gain an academic or professional qualification. Loans can be applied for in the name of the student or jointly with a co-borrower.
Identifying the need for financial assistnace for higher studies amongst students and employees, “Hatton National Bank (HNB) has revamped its educational loan scheme focusing on today’s environment where a large majority of students who fail to gain admission to local universities look for options to upgrade their academic and professional qualifications“ says R. M. P. Dayawansa, Assistant General Manager – Personal Financial Services, HNB and Mrs. Gowrie Arjuna, the division’s Senior Manager.
Mr. R. M. P. Dayawansa, Assistant General Manager – Personal Financial Services, HNB
There are many Educational Institutions in Sri Lanka offering Diplomas, Under- graduate and Post- graduate degree programmes, Professional Qualifications such as CIMA , ACCA, CIM, CA, SLIM, CFA, BCS and many MBA programmes, while some of these are affiliated to foreign universities and institutes. With a view to fulfilling the needs of the market today, we now offer the “HNB Futur+” Higher Educational Loan Scheme to suit the requirements of students in the country, they said in a joint interview with Education Times
The following are excerpts of the interview:
Q: Please explain the process of obtaining a loan for education purpose?
A: It’s simple and hassle-free. They can walk into any of HNB’s 250 customer centers, make a request supported by basic documents to obtain this facility. We have also assigned selected branches with a designated officer to handle these loan applications in areas where key Educational Institutions have tied-up with HNB to offer Educational Loans for their prospective students. As we offer simple but total solution for the needs of those prospective borrowers, these loan options are indeed great news for every one planning for higher professional or academic studies in Sri Lanka or overseas.
Q: What arrangements HNB has with leading Educational Institutions to facilitate these loans to students?
A: We have already tied up with several key educational institutions offering professional and academic courses and will continue to link up with others as well for easy access and fast processing of loan applications. The loans on offer cover registration, course/tuition and examination fees for locally conducted educational courses and in addition, Hostel / Living Expenses for courses followed in foreign countries.
There are short tenure (six-months) loan facilities as well as the long-term loans up to seven years, with or without grace period, depending on the repayment ability of parents/students.
The credit facilities are being offered at a very attractive and competitive rate of interest. Students who have repayment ability themselves can obtain these loans for local or overseas education. Parents can apply for these loans jointly with the children from the nearest branch of HNB.
Q: Can you give more details about the loan options available to students and security/ collateral needed.
A: For loans up to Rs. 250,000 on the shorter repayment option, not even guarantors are required. Generally, professional courses of two to three year duration are conducted in four to five stages of six months each. With an initial loan up to Rs. 250,000, students can, as they make progress in their study program, roll over this loan facility. Take CIMA, CIM, SLIM, ACCA or BCS for example, each loan
Mrs. Gowrie Arjuna, Senior Manager - Personal Financial Services, HNB
can be repaid in six installments as the programme is conducted in stages of six months each and migrate to next stage with a fresh loan.
It will be very convenient for students/parents, as after repaying the loan in full, within the first six months, they can move to the second stage of the course with another credit facility and go through the journey until completion of the course. As we have tied-up with many Educational Institutions the continuity of studies also be ensured until completion.
Loans up to Rs. 750,000 are offered under the same concept for diploma and degree programmes conducted by local Educational Institutions where payments are made periodically. These loans are offered against two guarantors for a repayment period up to five years with a grace period of 18 months. Loans could also be obtained with a longer repayment up to seven years against a mortgage over immovable property.
Loans are offered to cover degree programmes that are affiliated to foreign universities offered in Sri Lanka and for full time foreign university education against mortgage over immovable property. These loans are repayable over a maximum period of 7 years.
The seven year loan repayment facility will have an option of an initial three to four year grace period as well depending on the study period and based on the needs of the students/parents.
Q: Why has the demand for professional and academic studies in Sri Lanka grown significantly over the years.
A: There are several reasons. Students are seeking more and more options in these two spheres. Over the last few years, only around 10% to 15% of GCE Advanced Level students had opportunities to enter local universities each year although, over 60% of students pass the A/L examination.
Hence, a large percentage was compelled to find other higher educational options elsewhere.
They also pursue study programmes locally which offer undergraduate degree programmes affiliated to foreign universities and also opt for full time higher studies on various disciplines in overseas universities.
There is also good demand among students and younger employees for professional education locally in various areas such as Accountancy, Engineering, Management, Law, Information Technology, Marketing and so on.
We have well covered all financial aspects of these programmes with very simple, user- friendly, and hassle free loans under the “HNB’s Futur+” Education Loan scheme.
Q: What are the additional benefits to students from HNB?
A: students can open savings account and be eligible for the very attractive ”Pathum Vimana” prize draw and apply for a Debit card, or for a supplementary Credit Card with their parents. They can enjoy Internet, and Mobile Phone banking along with outward foreign remittance facilities for education purposes and range of deposits/lending products of HNB as they progress in life.
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