Educational loan with many added benefits from DFCC Bank
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DFCC Bank with a legendary history spanning over 60 years has always prided itself in being the market leader introducing revolutionary products and services to the industry. The DFCC Education Loan is yet another new introduction by the bank and today Mrs. Gillian Edwards, Senior Vice President – Consumer Banking will be speaking to us about the new Education loan.
“Education is the passport to the future, for tomorrow belongs to those who prepare for it today”.
Every parent wants what is best for his or her child and there is no doubt that education is paramount. A parent would go to any length to lay a solid foundation thus paving way for their children to be successful and independent adults in the future. There is no doubt that Education is the key to that success and the very foundation on which one builds and develops a career. Be it any sphere you choose, Education is paramount.
A mere Advance Level Qualification will not take you far today unlike the old times and work experience alone will not suffice. One needs that added qualification which will give you that boost as you journey up the corporate ladder in today’s competitive business world.
Having understood the efforts, pains and emotions of the parents when it comes to financing the education of their children , we at DFCC have come up with an end to end solution.
DFCC Education loan is not only for local education but we also cater to those who wish to travel overseas to follow higher education.
DFCC Education loans are crafted with careful deliberation considering the associated journey in mind. We offer a tailor made solution, not only to parents seeking financial support to educate their children but we also cater to adults who wish to pursue higher studies.
The bank has considered a two pronged approach when designing the Education loan package. You could obtain your education first before entering the workforce or you have the option of working while studying, positioning you to be self reliant to pay your own way.
Q: Who can make use of DFCC Education loans?
Any parent who is keen on obtaining the best financial support for their children or any adult who wishes to pursue high studies. Our educational loan offering caters to a wide segment, be it the fixed income earners in government service or the private sector, professionals or the entrepreneurs. We at DFCC believe in partnerships and welcome any individual who aspires to achieve his or her academic goals, to partner with us in that first step towards achieving same.
Any educational programme acceptable to the bank which are generally recognized by the competent authorities can be financed. Mainly undergraduate and post graduate studies can be financed such as degree programmes, masters and doctoral programs and some of the recognized professional qualifications such as CIMA, CIM, CFA can be financed.
As explained previously our Education Loan proposition is not limited to funding local study programmes. The DFCC Education loan also funds up to 100% of the tuition fees, air-fairs and living expenses for overseas education.
Q: How much maximum can be borrowed?
Education today is a very expensive investment and pursuing a recognized higher educational qualification is at a steep cost. For instance if you plan on obtaining a degree from an overseas university the cost would no doubt challenge many a parent .
Considering the above we at DFCC have designed an Education Loan scheme which will enable you to acquire that much sought after qualification. For instance, we offer a maximum loan quantum of LKR 10 Mio for overseas education with a repayment period of 10 years.
We have not forgotten those who wish to study locally. Be it a diploma, degree, an MBA or a PHD, we can go up to a maximum of LKR 2 million for a period of 07 years depending on the course type and the requirements.
Of course it should be noted that all borrowings are subject to the repayment capacity of the parent or adult.
Affordability, convenience and unmatched service are at the heart of our Education loan proposition. We do extend repayment up to 10 years as well as grace on capital payments up to 4 years for overseas education. A grace period is very important as it eases the financial burden on the borrower. The extended repayment enables the young adult who has acquired the qualification to repay the loan along with the borrower.
In the case of local higher education as detailed, the loan could be obtained for a maximum of 07 years with a grace period on capital repayments up to 2 years. In this instance too the grace period eases the financial burden and the 7 year repayment enables the young adult to meet the financial commitment whilst befitting from the qualification acquired.
We offer flexible repayment options coupled with competitive rates of interest. One has also the choice of fixed or variable interest rate options. DFCC funds also funds up to 100% of the course fee, travel and accommodation.
We at DFCC do understand that time is precious and many of you are challenged with finding time during a busy work day to visit the bank. Yes, our fleet on street is fully geared to serve you at your doorstep thus saving you the hassle of visiting a branch.
We have also tied up with many leading education institutions where we have tailor made offering to suit the various programmes on offer.
One can also visit any of our branches throughout the island and be guaranteed of an excellent service.
DFCC Bank does not offer just another loan. Our Education proposition is much more than a loan. We believe in long term relationships and we welcome you to commence that journey with an education loan. At DFCC we have a whole host of products and services that caters to the young adult who has completed his or her education and is ready to take on the world.
Competent and professional staff at DFCC Bank, will assist you throughout the process whilst understanding each individual requirement and catering to same. Its a journey and we will be there right by your side every step of the way.
There are many loan products in the market. At DFCC, the best solution is crafted in collaboration with all parties weighing the pros and cons specific to the context of the customer. We provide tailor made offerings, with the highest value propositions as we believe that the customer comes first. That’s a simple philosophy we practice at DFCC thus enabling us to win hearts and embark on long term relationships with customers.
Furthermore, DFCC Bank is a AA- rated fully-fledged Commercial Bank that offers an array of seamless banking solutions. This includes both development and retail banking services that gives customers unmatched value and unique benefits. The Bank has been rapidly growing its footprint across the country with a network of 138 branches and service points and remains committed to advancing financial inclusion in the country. In fact it was recognized as one of the top ten most admired companies in Sri Lanka for 2018.