Aspire Educational Loans

All applicants should be Sri Lankan citizens and meet the eligibility criteria given below. Loans will be granted depending on the repayment capacity of the applicant up to 100% of the cost in either category given below. A document detailing the total cost of the course (issued by the relevant educational institute) should be provided. If the main applicant is employed abroad, the spouse of the applicant should reside in Sri Lanka and should be made a co-applicant.

Category A – Parents & Siblings who wish to spend on their Child’s/Sibling’s education

For employed parents/siblings:

• The child (if above 18 years of age) should be a co-applicant for the said loan
• A clear CRIB report and proof of repayment capacity
• Minimum of Rs 50,000 and a maximum of Rs 2.5Mn without any collateral/guarantors
• Minimum loan value Rs. 50,000 and the maximum Rs 2.5Mn – no collateral/guarantors required
• Basic minimum remuneration is Rs 15,000 except fixed allowances

For parents/siblings who own businesses:

• The child (if above 18 years of age) should be a co-applicant for the said loan
• A clear CRIB report and proof of repayment capacity
• Minimum loan value Rs 50,000 and the maximum Rs 1.0Mn – a guarantor acceptable to the bank is required
• Loans for more than Rs 1.0Mn needs to be supported by tangible collateral acceptable to the bank
• New loan installment and other loan, leasing obligations (if any), Credit Cards, etc. should not exceed 60% of the net monthly income
• Installment payments should be made via an irrevocable standing order
• In case of purchase of a Laptop or a Desktop computer, a Proforma invoice also should be submitted & all payments will be directly paid to the vendor

Category B – Sri Lankan individuals who wish to complete recognized professional exams

Minimum loan value Rs. 50,000 and the maximum Rs 2.5Mn – no collateral/guarantors required

• A clear CRIB report and proof of repayment capacity
• Loan value above Rs 2.5Mn and up to Rs 7.5Mn – tangible collateral acceptable to the bank required
• Salary should be deposited directly into the given bank account or installment payments should be made via a standing order
• Basic minimum remuneration excluding fixed allowances – of Rs 15,000
• In case of purchase of a Laptop or a Desktop computer, a proforma invoice also should be submitted & all payments will be directly paid to the vendor

Special Conditions

All payments will be made directly to the education institute (by way of a foreign currency draft/TT in case of education abroad) and shall be limited to the amount specified by the educational institute.

Category A – Parents & Siblings who wish to spend on their Child’s/Sibling’s education,

• Completed application form
• National ID Card/Driving License/Passport
• Documents to prove repayment capacity
  • Salaried – Recent salary slips (03)
  • Business personnel – 6 months bank statements
• Birth certificate of the child
• Documents regarding collateral (if applicable)
• Documents issued by the relevant institute with regard to the cost of the educational programme
• In the case of School Admission Fees, a copy of the admission form/letter to be submited

Category B – Sri Lankan individuals who wish to complete recognized professional exams

• Completed application form
• National ID Card/Driving License/Passport
• Salary confirmation letter from the company
• Recent salary slips (03)
• Letter of undertaking to remit salary or Standing instruction with irrevocable undertaking
• Documents issued by the relevant institute indicating the cost of the educational programme