- Payment of Rs. 10,000 to be in two phases, to be completed by 10 April
- No interest, 6 month grace period, 18 months to repay
- Payments to be delivered to doorstep
The Government yesterday announced an allocation of Rs. 20 billion to make an advance payment to 2 million Samurdhi beneficiary families in the country.
The program will provide each family with a Rs. 10,000 advance in two Rs. 5,000 phases. As such, the first phase of the program will require funds worth Rs. 10 billion and the second phase of the program is to be completed by 10 April.
Interest will not be charged on this amount and the first six months will be a grace period. Following this, the families will have 18 months to repay the amount. In addition to this, the interest on the amount in the beneficiaries’ accounts will be paid as usual.
Given the spread of COVID-19 in the country, and the importance of social distancing, officials will hand over the Samurdhi advance to the beneficiaries at their place of residence, and the beneficiaries need not visit banks to collect the payment.
Instructions have also been given to Samurdhi bank officials to not collect loan payments, as a grace period of six months has been given to borrowers. In addition to this, if the beneficiary’s account balance is not at the required minimum, the advance is to be handed over to Samurdhi Community Committee members in order to ensure all beneficiaries receive the advance.