Sri Lanka’s leading private sector bank HNB PLC launched the holistic StudyGuard Financial and Protection Package to ease the burden of school fees requirements for both parents and schools.
This personal loan package launched in collaboration with HNB Assurance is designed to pay school fees for children in semi-government, private and international schools. The facility was launched at a special ceremony at HNB Towers and was graced by HNB Deputy General Manager- Retail and SME Banking, Sanjay Wijemanne, HNB Assurance Chief Executive Officer, Lasitha Wimalaratne and dignitaries from leading international and private schools across the island, including Gateway Group Chairman, Dr. Harsha Alles, Alethea Int. School MD/Coordinating Principal, Anitra Perera, Zahira College Principal, Triizvy Marikkar and Principal of Oasis International Sandya Hewage.
“Education is one of the most fundamental pathways to progress. However, given the current economic climate, we have seen that more parents require support to fund their children’s educational journey. With this in mind, we launched the StudyGuard Package to benefit both the parents and the schools, who will not face any issues in collecting fees. Parents can avoid the burden of paying a lump sum payment for each term and have the option of funding more than one child. Alternatively, schools also have an assurance of cash flow to enhance their current income,” HNB Deputy General Manager- Retail and SME Banking, Sanjay Wijemanne said.
The facility enables the bank to make an upfront payment of up to Rs. 5 million without guarantors, which can be extended to a maximum of Rs. 15 million, directly to the school on behalf of the parents at the beginning of each academic year and does not need guarantors. The package will cover all school-related expenses, including admission, donation, and term fees, including exam fees. Moreover, the parent or guardian can choose the best possible re-payment plan over seven years, with facilities above Rs. 1 million provided with a loan protection cover.
Notably, HNB Assurance also introduced the StudyGuard Protection Package, which ensures the child’s school fees are paid during their schooling career in the unfortunate event of a parent, caretaker or guardian’s demise, critical illness or total disability. The cover has a one-time premium payment customized to the age of the policyholder applicant and the child’s school fees.
“We are delighted to be partnering with schools across the island to provide parents with a convenient and hassle-free method of paying school fees. Parents can avoid the burden of paying a lump-sum payment for each term and have the option of funding more than one child. Alternatively, schools also have an assurance of cash flow to enhance their current income,” HNB Assurance Chief Executive Officer, Lasitha Wimalaratne said.
Notably, the first partnership for the facility with HNB and HNB Assurance was signed by Horizon College, Malabe.
The HNB and HNB Assurance teams at ceremony