ComBank partners OUSL to offer loans up to Rs.10mn for Essex University degree programmes

Commercial Bank Chief Operating Officer S. Prabagar and Open University Vice Chancellor Prof. P. M.C. Thilakerathne at the MoU signing

Higher education loans of up to Rs.10 million are now available from Commercial Bank of Ceylon to undergraduates of the Open University of Sri Lanka (OUSL) enrolling for bachelor’s or master’s degrees from the University of Essex, UK.
A memorandum of understanding signed by the OUSL with the country’s benchmark private sector bank paves the way for the latter to provide up to double the standard higher education loan facility at a concessionary rate of interest to second and third-year undergraduates, exclusively to continue their degree studies at Essex University.

The bank said these loans would carry a special interest rate and an extended grace period for the duration of study at the university.
This unique partnership between the OUSL and Commercial Bank is a milestone in the higher education system in Sri Lanka and widens the scope of the study field, further opens up the prospects for overseas studies and enhances the quality of education, benefitting the students  and  improving  the overall education system in Sri Lanka, the bank said.

Commercial Bank has also introduced a special loan scheme for students who wish to follow the degree programmes offered by the OUSL under this MoU signed by the bank’s Chief Operating Officer S. Prabagar and Deputy General Manager Personal Banking Delakshan Hettiarachchi. The signatories from the OUSL were Vice Chancellor Prof. P.M.C. Thilakerathne and Registrar Vindya Jayasena. At the time of signing the agreement, a web page for education loans was also launched by Prof. Thilakerathne.