NDB cuts lending rates, disburses Saubhagya loans boost economy

The National Development Bank PLC has announced a reduction of lending rates across the board in line with the downward trend of interest rates in Sri Lanka. Accordingly, NDB has reduced its interest rates across the range of lending products by over 1.50 per cent, the bank said in a media release on Monday. 
Hence, customers in some of the critical growth segments may avail of better rates to accelerate their growth. The bank also continues to provide support to the customers who are affected by the COVID-19 pandemic through debt moratoriums and facilitating new funding.
Group CEO, Dimantha Seneviratne noted, that in order for the country to recover from the current economic slowdown resulting from the COVID 19 pandemic, it is necessary to provide businesses with access to funds at affordable rates. He further noted that the bank has already implemented the directions of the Central Bank in lowering the overdraft rates of SME clients to 13 per cent and new pawning rates to 12 per cent. 
The statement said that while the overdraft rate has been reduced by 2 per cent, NDB also offers a number of concessions on the fees, interest rates and all other applicable charges of loans to all sectors of the SME segment.
Additionally, the interest rates on personal loans, Home Loans and NDB’s special offering of the pensioner’s loan – Aachara Loan have also been reduced.
“Meanwhile, NDB Credit Card customers can also enjoy a rate of 15 per cent for local transactions up to Rs. 50,000 as opposed to the normal rate of 28 per cent. In addition, the bank is also extending a moratorium on loan repayments to eligible clients so that cash generated in the business can go towards stabilizing and growing the business in the short term rather than using that cash to repay bank loans,” it said.