People’s Bank introduces Vanitha Saviya loan facility for women

Wednesday, 3 February 2021 00:00 - - {{hitsCtrl.values.hits}}

People’s Bank Chairman Sujeewa Rajapakse presents a Vanitha Saviya loan to a female entrepreneur as Chief Executive Officer/General Manager Ranjith Kodituwakku looks on

People’s Bank Deputy General Manager (Enterprise Banking) Krishani Narangoda

People’s Bank Assistant General Manager (Development and Micro Finance) U.S. Girty

In line with the Government development drive, People’s Bank introduced the Vanitha Saviya loan scheme in 2020 to empower Sri Lanka’s women entrepreneurs.

This loan was designed for women who are engaged in micro or small-scale businesses or for those who start a business. Another main objective of this loan scheme is to lessen the financial burden of the women who were engaged in businesses during COVID-19 pandemic period.

For those who are already running successful businesses, the Vanitha Saviya loan scheme from People’s Bank allows them to obtain a facility up to Rs. 500,000 or a working capital loan of Rs. 200,000. For those just starting out, an amount of up to Rs. 120,000 can be obtained. With an interest that that will not fluctuate until the loan is settled, the Vanitha Saviya loan scheme is designed to put the applicant’s needs at the core of its premise.

People’s Bank Deputy General Manager (Enterprise Banking) Krishani Narangoda expressed her views. The Vanitha Saviya loan scheme was mainly introduced by the People’s Bank to empower the country’s women and engage women on income earning activities. This loan scheme was introduced in line with the Government’s national policy framework of Vistas of Prosperity.

To raise the national economy, rural economy should be developed. The contribution of women is important for the income generation and therefore it is vital that leadership capabilities of the women are improved. Through this, the development of entrepreneurship, the economy of the country and the standard of living of the Sri Lankans can be achieved.

Assistant General Manager (Development and Micro Finance) U.S. Girty expressed her views. To be eligible for Vanitha Saviya loan scheme she should be a micro or small-scale business woman who has been carrying on her business for over 6 months continuously. Above conditions do not apply for women who make 40% or more contribution either in cash or goods.

The applicant should be between 25-65 years of age. It is essential that the loan applicant resides in the operative area or carrying on the business in that area. In addition, the applicant should not be a defaulter to any bank or should not be a guarantor for such a loan. The business she conducts should produce goods or services that are in high demand and she should have a sound technical knowledge required for the business.

Loan repayment period is maximum five years which includes a maximum concessionary period of three months for fixed assets investment loans. For working capital loans the repayment period is maximum three years. A unique feature of this scheme is according to the business and its income the installment payments could be decided.

Applying for a Vanitha Saviya loan can be done through 741 branches and service centres of the People’s Bank.