Bank of Ceylon slashes rates for lending facilities with immediate effect.
In line with the Government rapid development plans for SME, Agriculture and social development, the Bank of Ceylon will extend its facilities to number of selected sectors. The benefit of these facilities will be extended to a wide-range of Bank’s products and services that include, development loans for Agriculture and SME/ Micro-finance development loan schemes, Leasing and Leasing Facilities, Personal Loan categories including personal loans for medical officers, members of judicial services and legal services, Airport and aviation services, facilities that will be granted under all other BOC special personal loan schemes and housing loans.
In order to assist urgent housing needs rates for housing loans below LKR.1 Million was cut down to single digit of 9% per annum for a maximum period up to 10 years and as for loans within LKR.1 Million to LKR 5 Million will be at 10% with a maximum repayment period up to 10 years. Similarly housing loan rates for other categories were also revised offering very attractive rates. Rates for leasing facilities have also been revised with the minimum at 10.50% per annum for a repayment period of three years for a selected category. Personal loans for special categories such as medical officers affiliated with professional associations registered with the bank and Viru Sara Card Holders will be offered a rate of 11% per annum and other personal loans will be offered an attractive rate of 11.25% per annum. (Conditions apply). To revive the agricultural sector the Bank of Ceylon offers a rate of 9.75% per annum, for Micro and SME sector the rate stands at range between 8% per annum to 10% per annum. (Conditions apply)
With the objective to revive the economy, the Bank of Ceylon, has been dedicated its branch network, business divisions to handle Corporate, SME and Micro development were actively engaged during the lock-down time period. So far the Bank has disbursed an amount close to LKR eleven Billion as working capital to among entrepreneurs and businesses to revive from adversities of the pandemic situation.