Pursuing higher education is a dream for many Sri Lankan students. However, the financial burden of tuition fees, living expenses, and other costs often becomes a significant challenge for families. Education loans provide a lifeline for students aspiring to study locally or abroad, but navigating this process can be overwhelming. This article serves as a guide to understanding education loans in Sri Lanka and offers practical solutions for higher education finance issues.
Step 1: Choose the Right Bank or Institution Several banks and financial institutions in Sri Lanka, including Bank of Ceylon, People’s Bank, Commercial Bank, and HNB, offer education loans with varying terms. Research and compare interest rates, repayment options, and loan terms to select the best option for your needs.
Step 2: Understand Eligibility Criteria Most education loans require the applicant to be a Sri Lankan citizen aged 18 to 55. You will also need proof of admission to a recognized educational institution. A guarantor, such as a parent or guardian, is often required to ensure loan security.
Step 3: Submit Your Loan Application Visit the chosen bank or financial institution and complete the loan application process. Be prepared to submit required documents and, if necessary, provide collateral to secure the loan.
Step 4: Loan Approval and Disbursement Once approved, the loan amount will be disbursed directly to the educational institution or as agreed with the bank.
Here are the key documents you’ll need to apply for an education loan:
Plans have been made to appoint a committee to consider whether or not to conduct the Grade 05 scholarship examination after the…
Read MorePrime Minister Harini Amarasuriya says the support of the Maha Sangha is essential to establish Pirivena education as a model for all.…
Read More21st June 2025 (Sat) | Ivy Room, Cinnamon Grand Hotel, Colombo | 10.00 AM – 2.00 PM With London A/Ls just concluded…
Read MoreBelarus's Vitebsk State Medical University (VSMU), located in the center of Eastern Europe, has grown to be a dependable option for thousands…
Read MoreThere are numerous areas you should be looking at in order to secure a scholarship from a prestigious university and one of…
Read More