AYA Bank has recently introduced the Education Loan service for tertiary education in the private sector, encouraging ambitions of many to further their studies. In light of this great news, AYA Bank has made an alliance with Myanmar Imperial College (MIC) and the signing ceremony of the strategic partnership took place at the AYA Bank head office (Rowe) at 10:30 AM on 4th November 2016.
Myanmar Imperial College (MIC) is one of the most prestigious private business schools in Myanmar that offers internationally recognized degrees and diploma programs. This brings to support students obtain affordable education loans to further their studies with a good payment term and low interest rate.
All students with a certain level of income who are above the age of 18 are eligible to apply to the AYA Education Loan. For underage students or those who wish to apply with combined income, they can submit through immediate family member as a co-applicant. The AYA Education Loan covers up to 80% of the tuition fees and allows borrowers to pay back monthly. This monthly installment program comes with a reasonable interest of 13% per annual calculated by amortization method. It becomes affordable with loan tenor that extends up to 5 years.
Students who meet the eligibility of the AYA Education loan can now apply not only in Strategy First Institute but also in other three well-known private institutes in Myanmar now. The Loan application can essentially take up to four working days for credit assessment. Once approved, applicants can start their school immediately with minimum down payment of 20%. AYA bank has also deployed card payment POS terminals in many schools to enable debit card and credit card payments for students.
AYA Bank is progressing forward to Education Loan program in private education sector with unlock endless study opportunities which will allow Myanmar to meet increasing demand in skilled employees and continue to support the country’s fast-growing economy.