Commercial Bank launches special loan scheme for apparel sector employees

The Commercial Bank of Ceylon has launched a special personal loan scheme for employees in the apparel manufacturing industry, the largest foreign exchange earning sector in the country, to help them fund personal requirements that enhance the quality of life.

Commercial Bank’s Personal Loans can be obtained to fulfil any financial requirement, such as travelling overseas, completion of higher education, funding weddings or other functions, settling other bank credit cards or loans, renovation of houses, purchase of vehicles, furniture, electronic items or any other financial requirement acceptable to the Bank.

Any permanent employee with an employment history of two years or more at any of the leading apparel companies initially recognised for this scheme can apply for loans of up to Rs 5 million with repayment up to seven years, the Bank said. 

Commenting on the launch of this exclusive personal loan scheme, Commercial Bank Deputy General Manager Personal Banking Sandra Walgama said: “Sri Lanka has more than 450,000 people employed in apparel manufacturing companies. With the launch of this scheme we intend to recognise the significant contribution they make to the national economy. This is another step by the Bank to facilitate financial inclusivity and to reward the commitment of apparel sector employees.”

When credit assessments are done for these loans, 75% of overtime payments will also be considered as a fixed income, the Bank said. Both fixed and floating interest rate options are available for these loans, and structured payment plans are available for executives.