Home Insider Insider News Aya Bank Launches Student Loan

Aya Bank Launches Student Loan

Aya Bank recently partnered with four local institutions and introduced the Education Loan Service for tertiary education in the private sector.

“The AYA Education Loan service is intended to help students studying for diplomas and master’s degrees at international-standard private universities,” says Thura Maung, director of retail banking at AYA Bank. The program started on November 4 with Myanmar Imperial College, Myanmar Institute of Business, Myanmar Metropolitan College and the Strategy First Institute as partner institutions. According to a spokesperson from the Bank, they are planning to sign agreement with two other universities but until then only students of those four school could apply.

Student can apply for a loan to cover up to 80 percent of their course fess and they are allowed to make a convenient fixed monthly payment. The loan comes with an interest rate of 13, requires no collateral requirements and must be repaid within five years.

“Any student who is over 18 years with an income of K150,000 and above can apply easily online,” added the spokesperson. The applicant can use a guarantor if he or she does have the requisite income.