The Commercial Bank of Ceylon has entered into a partnership with Lead Pro Education Consultants (Pvt) Ltd to provide affordable financial solutions to students planning to pursue higher education overseas.
The two organisations formalised their collaboration through the signing of a Memorandum of Understanding (MoU), under which students will benefit from a comprehensive education loan package and streamlined banking facilities.
Lead Pro Education Consultants, which maintains affiliations with a large network of universities in Australia and New Zealand, offers advisory and placement services to students aspiring to study in these countries. Through this agreement, students who engage Lead Pro for placements can open a Student File with Commercial Bank and access loans designed specifically for overseas education.
The education loans available under this scheme can finance up to 75% of the total course fees, up to a ceiling of Rs 10 million per applicant. Borrowers are entitled to a grace period of up to two years before repayment begins, easing the financial burden during their period of study. In addition, they will receive a 50% reduction in documentation charges and a 50% discount on the first Telegraphic Transfer fee of Rs 7,500, further lowering the cost of setting up their arrangements.
This latest initiative by Commercial Bank is intended to make overseas study more accessible by offering affordable repayment options and raising awareness about the Bank’s education loan facilities, the Bank said. Students will also have the opportunity to manage their ongoing banking requirements with Commercial Bank, benefitting from preferential rates and dedicated support throughout their studies.
Commercial Bank is the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and has the highest market capitalisation in the Banking Sector in the Colombo Stock Exchange (CSE). The Bank is the largest private sector lender, the largest lender to the SME sector, is a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.
Commercial Bank operates a strategically located network of branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, and a Microfinance company in Myanmar. The Bank recently opened a representative office within the Dubai International Financial Centre (DIFC), marking a significant milestone in its international expansion. The Bank’s fully-owned subsidiary CBC Finance Ltd., also delivers a range of financial services via its own branch network.
Photo caption:
Commercial Bank Assistant General Manager – Personal Banking Mr Kapila Liyanage exchanges the agreement with Lead Pro Education Consultants (Pvt) Ltd Director Mr Indika Rathnayaka in the presence of representatives of the two companies.
