Low-interest loans for every family during festive season: Government

The Government has decided to provide low-interest loans for every family in view of the upcoming festive season.

President’s Media Division (PMD) said the loans were expected to be provided with an interest rate of 0.625% under three categories.

Thereby, people with a monthly income of Rs. 50,000 or beyond will be able to obtain a loan of Rs. 50,000.

People who earn a monthly income between Rs. 25,000 and Rs. 50,000 will be provided a loan worth Rs. 25,000.

Those with a monthly income below Rs. 25,000 will accordingly be able to take a loan of Rs. 10,000.

Loans are provided by the Bank of Ceylon (BoC), People’s Bank, National Savings Banks (NSB), Regional Development Bank and Samurdhi Banks. Employees of private and public sectors who wish to receive supplementary financial assistance are requested to inform their respective superiors.

Once the head of the institution submits the certified list of employees to the State bank closest to the workplace, relevant branch will credit the amount to the employees’ accounts without delay.

The PMD says the loan must be repaid within 10 months period and the amount will be deducted from the employee’s salary between January and October next year.

(Source: Daily FT)