Obtain pension on any day with Pan Asia Sammana Account

Pan Asia Sammana Account was specially introduced for all pensioners who have given their best years for the country and are now enjoying life in retirement. As a result of the increasing popularity of this product, the bank recently decided to add several new value added features to same. To uncover more about Pan Asia Sammana account, an interview was conducted with Deputy General Manager – Marketing and Personal Banking Nalaka Wijayawardana. Following are excerpts:

Q: What is the Sammana Pension Loan Scheme?

A: A few years ago, banks were not very keen on giving out loans to pensioners. Pan Asia Bank realising this problem, set an example for the whole country by coming forward with the Sammana Pension Loan Scheme. We realised that these individuals who have basically given their lives to serve Sri Lanka still had much more to contribute towards economic development of their country. We also realised that these individuals had a strong desire and an ability to carry on their lives without being a burden to the country or their own children. It is in light of those reasons that we introduced the Sammana Pension Loan Scheme. This scheme enables a pensioner to divert his/her pension to Pan Asia Bank and obtain a loan of up to 2 million. A special feature of this account is the fact that the loan repayment period could be extended up to 10 years. Another unique feature of this loan is that it does not require guarantors. 

Q: As a result of introducing this account what progress have you seen?

A: By now, we have facilitated a large number of loans. This has helped many pensioners earn an additional income through self-employment. The fact that these people don’t become a burden to anyone and have the ability to financially support their children and contribute positively to the national economy is source of great pride for us.

There are also some who obtain this loan to fulfil their duties towards their children such as bearing the cost of their weddings. Then there are others that utilise this loan scheme to go on pilgrimages. Another special feature is that they get an insurance cover when they take a loan. Therefore, in an unfortunate event of the demise of a loan applicant, rest of the family is protected as they are not burdened with the repayment of the loan.

Q: What are the new benefits recently introduced into this account?

A: The pension is received on a predetermined day of the month. If a financial emergency arises between two pension payment dates most people find themselves in quite a difficult state. To help in emergencies such as these we have introduced a facility by which an interest free pension advance may be obtained at a nominal fee. As a result, a pensioner could obtain an advance on their pension on any day by visiting any branch of the bank. The maximum a person may borrow through this service is Rs. 30,000 and the minimum is Rs. 5,000.

Q: What is the eligibility criteria to get one of these loans?

A: Government Pensioners under age of 70 with a monthly pension of Rs. 10,000 or more may instruct their pension to be credited to a Pan Asia Bank Sammana account to avail themselves of those benefits. 

Q: How does one get more information and details about this account?

A: Customers can call the bank’s 24x7/365 customer contact centre on 0114 667 222, or they can visit any Pan Asia Bank Branch to get more details.