Jun 25, 2020 (LBO) – Sampath Bank has rolled out a host of special business loans and gold loans under its Revive Sri Lanka initiative at a low-interest rate of 9% p.a.
Sampath Bank is now offering special low-interest Sampath Diriya loans of Rs.10 million up to Rs. 100 million at 9% p.a. under the Revive Sri Lanka program. It includes capital loans for up to 120 months and working capital loans for up to 60 months. This is aimed at helping medium and large-scale businesses meet their business requirements as they strive to get over this period of economic uncertainty. The single-digit interest rate is lower than the average rates in the market for such advances. The Bank has waived off processing fees and penalties on early settlements as well. Furthermore, customers can request for a capital grace period of 12 months on capital loans and 6 months on working capital loans.
Sampath Bank has also introduced a 3-month Gold loan at a low-interest rate of 9% p.a. to support individuals and small-scale businesses with their urgent cash requirements. According to the bank, this is the lowest interest rate on gold loans in the market. All Sri Lankans can obtain this loan over the counter at their nearest Sampath Bank branch, in a matter of minutes. The Bank is offering an advance of Rs. 65,000/- per sovereign of 24ct Gold and Rs. 60,000/- per sovereign of 22ct Gold.
“As a national bank, we have always been committed to driving economic growth by empowering individuals and businesses. We firmly believe that we have an added responsibility to stand by all Sri Lankans during these trying times and help uplift the economy. In line with this, we are extending a host of special, low interest loan solutions including business loans and gold loans under our Revive Sri Lanka initiative to assist individuals and businesses. We will continue to work closely with all stakeholders on helping the economy and country emerge stronger from this unprecedented global crisis,” said Nanda Fernando, Managing Director, Sampath Bank.
Earlier in the year, Sampath Bank had rolled out a host of relief measures for individuals and businesses affected by the pandemic which included a moratorium on certain loan repayments. The Bank has also waived off all cheque return and stop payment charges until 30th September 2020. Small and medium scale businesses and self-employed individuals have been offered relief in repayments on certain leasing facilities and also customers with Sampath Bank personal loans or Sampath Leasing facilities of less than Rs. 1 million have been provided with relief in repayments. The Bank also extended relief measures to Sampath credit card customers, reducing the interest rate to 15% from 28% for local transactions up to a cumulative value of Rs. 50,000/- and lowering the minimum payment to 2.5% from 5% of the statement outstanding. Furthermore, late payment charges have been waived off till 30th September 2020.