Guidelines for the Students Selected for the State Universities/Higher Educational Institutions (HEIs) to Purchase a Laptop under the People’s Bank Special Loan Scheme
1) The concept of traditional education has changed radically within the last couple of years. Being physically present in a classroom is not the only learning options available for the students who are now entering a new era — the revolution of online education.
2) University Grants Commission recognized the needs of the students and introduced a special Laptop Loan scheme in collaboration with the People’s Bank for new entrants of the State Universities/HEIs for the academic year 2019/2020.
3) Eligibility – The students who have been selected based on z-score of G.C.E. A/L 2019 and registered for the Academic Year 2019/2020 of the state Universities/HEIs established under the University Grants Commission.
4) The recommended list of vendors (Laptop providers) with their specifications and selling prices of the Laptops are published in the University Grants Commission’s website from 09th February 2021 onwards. The Laptops are available from the price range of Rs.80, 500/- to 177,500/- based on specifications.
5) The student should select a suitable Laptop as per the specifications and terms and conditions approved by the University Grants Commission and collect a Performa Invoice from the recommended vendor. All vendors should very clearly attach the specifications and warranty cover in details with the Performa invoice. A formal warranty certificate is issued with final invoice to the students by the respective vendors.
6) The student should submit the duly filled Application Form attached to this instructions sheet, along with the Performa Invoice and e-mail/letter received from the University/UGC for the registration as an internal student and copy of a National Identity Card to the preferred branch of the People’s Bank.
7) The bank will issue a purchase order to the vendor with related details directly and cheque will be released to the students when the Laptop is ready to collect. The necessary communication between student, vendor and the bank will be taken place accordingly.
8) The interest rate is 7.5% p.a. and only interest portion should be charged during the grace period (maximum 4 years). Repayment of capital component will starts from the 05th year onwards. Instances where student requests to repay the loan without a grace period it should be granted as a normal loan facility which starts repayment immediate next month after the disbursement.
9) Laptop should be purchased from the list of vendors recommended by the University Grants Commission. The maximum amount of the loan is Rs. 100,000/- per student and the balance amount has to be borne by the student, if the value of the laptop is more than the loan amount. However, the Bank has to issue a pay order directly to the vendor for total invoice value after depositing value more than the loan amount to the bank or any other arrangement with the vendor.
10) Applicant should have a Savings Account at the Peoples’ Bank in order to process the repayment of loan and Mahapola/Bursary installments should be credited to the same savings account. If such arrangements cannot be made, student have to introduce a Co-borrower with repayment capacity as per the instructions given by the Bank.
11) All students who purchased laptop computers from recommended vendors can register for Microsoft M365 Service which provides Microsoft Windows 10 Operating System and Office 365 Service free of charge provided by the University Grants Commission through MOU with Microsoft
12) The People’s Bank has agreed to implement this special Loan scheme as a soft loan facility to purchase a Laptop for the new university entrants. Hence it is a responsibility of the students to repay loan as per the agreed terms and conditions of the Bank.
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