The Sri Lankan government has announced the resumption of interest-free loans to students who fail to gain admission to government universities after passing the GCE Advanced Level. The loans, worth Rs. 800,000 for higher education courses and Rs. 300,000 for daily expenses, will be granted to 5,000 students without interest.
Loans to be Granted by Multiple Banks
State Minister for Finance, Dr. Ranjith Siyambalapitiya, has confirmed that the loan facility will be provided by the Bank of Ceylon, People’s Bank, and National Savings Bank. This decision was made due to the high interest rates on loans in the country.
Eligibility Criteria for Loan Granting
The Minister added that the loan granting process will take into account the student’s Z-Score and the timely value of the course they intend to study. The loan can be taken up to one year after leaving higher education, and repayment should begin after securing employment.
In conclusion, the Sri Lankan government’s decision to resume interest-free loans for students pursuing higher education is a positive step towards supporting their education and reducing the financial burden on families. The involvement of multiple banks will also increase access to the loan facility for eligible students. The eligibility criteria ensure that the loans are given to deserving candidates who have the potential to excel in their chosen fields.
