Bank of Ceylon slashes interest rates for lending with immediate effect

Friday, 19 June 2020 00:03 -     - {{hitsCtrl.values.hits}}

In line with the Government’s rapid development plans for SME, agriculture and society, the Bank of Ceylon yesterday said it would extend its facilities to a number of selected sectors as well as slash interest rates.

The benefit of these facilities will be extended to a wide-range of the bank’s products and services, including 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 Rs. 1 million were cut down to single digit of 9% per annum for a maximum period up to 10 years and for loans within Rs. 1 million to Rs. 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 cardholders 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). 

With the objective of reviving the economy, the Bank of Ceylon is dedicated via its branch network and business divisions to handle corporate, SME and micro development. The bank was actively engaged during the lockdown time period and has disbursed close to Rs. 11 billion as working capital among entrepreneurs and businesses to recover from pandemic-related adversity.


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