The Commercial Bank of Ceylon has announced a series of attractive concessions for students making payments to foreign universities in the next three months.
The Bank said it would slash the initial telegraphic transfer (TT) charges by half for Sri Lankans opening new student files before 30th November 2024, and reduce the interest rate by 0.5% for educational loans obtained before that date.
Students that choose Commercial Bank as their partner for overseas education payments would also be provided a UnionPay international debit card free of charge for hassle-free payments in their overseas destinations as part of this special promotion, the Bank said.
Additionally, such students would benefit from simplified and expedited procedures and the Bank’s strong network of international correspondent banks.
The Bank said it was perfectly positioned to provide simple, borderless transfers of funds, making it the ideal partner to facilitate overseas education.
One of the Bank’s payment card partners, UnionPay International (UPI) has enabled card acceptance in 181 countries and regions in partnership with more than 2,500 institutions worldwide, and provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base.
Commercial Bank offers education loan facilities with flexible terms, for both employed and unemployed students who are pursuing local and foreign education. These loans come with a longer repayment period and attractive interest rates. Additionally, students are eligible to enjoy a grace period of two years to service only the interest, before commencing the capital repayments of the loan facility.
Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank is a leader in digital innovation in the country’s banking sector, operates a strategically-located network of branches and 966 automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 outlets in Bangladesh, a microfinance company in Myanmar, and a fully-fledged Tier I bank in the Maldives.