Aug 05, 2013 (LBO) – Sri Lanka’s HSBC said it is giving lifestyle loans based on their monthly through a fast-track process with interest rates falling and loan demand rising. “Lifestyle loans can be used as a valuable financial tool to offer solutions in time of need,” Nilantha Bastian, Head of Retail Banking and Wealth Management said in a statement.
“The current market enables for competitive rates and ease of accessibility…”
HSBC said it had re-structured personal loans with the “changing environment and appetite for more borrowings.”
Lifestyle loans are available for small home renovations, buying a vehicle, foreign travel or for education for anyone with a net salary of 20,000 rupees and minimum basic salary of 15,000 rupees, without collateral and next day approval.
A 7-year car loan of up to 100 percent of the value of a car is given. The bank said unlike leasing facilities there is no value added tax on bank loans.