Banking and Finance

BOC launches Youth Loan Scheme to spark dreams into reality

Targets to empower 10,000 youth with interest rate of 7% per annum

In a bid to foster the entrepreneurial spirit among the youth, the Bank of Ceylon (BOC) has launched the Youth Loan Scheme, designed to fuel the dreams of young innovators and business leaders.

With an attractive interest rate of just 7% per annum, this initiative aims to ignite the ambitions of the next generation by offering a loan amount of Rs. 500,000.

The BOC said the Youth Loan Scheme is not just about providing financial assistance; it’s about nurturing a new generation of entrepreneurs. With a target of empowering 10,000 young individuals, this scheme is a beacon of hope for those with aspirations of building their own startups or expanding existing businesses.

One of the most remarkable aspects of the BOC Youth Loan Scheme is its inclusivity. Unlike traditional loan programs, this initiative doesn’t require burdensome collateral such as property mortgages. Instead, opening doors for young visionaries who lack substantial assets but possess boundless potential. Development Banking and Branch Credit Operations Range 11 DGM R.M.N. Jeewantha said, “At BOC, we believe in the power of attitude and innovation. That’s why we welcome innovative business ideas from individuals under 30 years of age, regardless of their financial background. Whether you have a groundbreaking startup idea or a passion project waiting to blossom, the BOC Youth Loan Scheme is here to support you every step of the way. BOC welcome, young entrepreneurs to visit the nearest branch and explore the world of opportunities with the BOC Youth loan.”

BOC is urging youth not to let financial constraints hold them back but join hands with BOC and turn their entrepreneurial dreams into reality.

Source: FT