Loans offered to all families at low interest for festive season

Loans have been made available to all families at a low interest rate for the festive season, the President’s Office said.

The loans will be offered by State banks in three categories based on the monthly income.

The President’s Office said that the Bank of Ceylon, People’s Bank, National Savings Bank and Regional Development Bank will be offering the loan.

Accordingly, anyone earning over Rs. 50,000 can apply for a Rs. 50,000 loan, anyone earning between Rs. 25,000 and 50,000 can apply for a Rs. 25,000 loan and anyone earning below Rs. 25,000 can apply for a Rs. 10,000 loan.

Any State or private employee wishing to obtain the loan must inform their respective institutions.

The institution will then submit the relevant documents to the nearest State bank which will in turn transfer the funds to the account.

The loan must be repaid between January and October 2021 at an interest rate of 0.625, the President’s Office said.

The loan will be cut from the monthly salary of the employee every month.

Three-wheel drivers, van drivers and bus drivers can also obtain the loan directly from a State bank where they maintain an account.

The President’s Office said that others can also obtain the loan if they have an account at a State bank. (Colombo Gazette)

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