Renewed life for senior citizens with Pan Asia Bank’s ‘Sammana’ loan
View(s):Pan Asia Bank is offering the ‘Sammana’ loan scheme to government pensioners to provide them with financial independence, the bank said this week.
The new loan scheme offers facilities up to Rs.1 million for pensioners as well as retired Central Bank employees with no security requirements needed.
Aimed at coinciding with the National Pensioners Day on October 8, Pan Asia Bank said it was gearing up to offer even more attractive value additions to the “Sammana” loan scheme.
Speaking on these initiatives, the bank’s Deputy General Manager – Retail Banking & SME Naleen Edirisinghe said the bank hopes to add a lot of new features which will further benefit the country’s senior citizens to lead a worry-free retirement while meeting their financial commitments.
“This loan scheme is available for government sector pensioners below 70 years of age who receive a monthly pension of Rs. 10,000 or above. A simplified process is introduced to the applicants by omitting the requirement for guarantors or any mortgage facilities. All they have to do is to transfer the monthly pension to Pan Asia Bank,” Mr. Edirisinghe said.
Besides the business and social responsibility dimensions associated with ‘Sammana’, this scheme has also been introduced as a contribution towards a revival of economic activities in the country by way of providing seed capital to retirees to start cottage industries.
The loan is granted to empower self-employment among the pensioners enabling them to re-enter the work force as an income generator instead of relying purely on a monthly pension or an interest income.
“There are many people among us who aspire to start their own business in the areas of their specialisation once they retire but fall short of realising their dreams only because of inadequate capital. But now, if anyone wants to start their own business, the ‘Sammana’ loan provides them with the required capital with ease of mind from having to give securities and higher interest rates,” he explained.