Sampath Bank further extends support to affected borrowers in 2020

Sampath Bank PLC, offering further assistance to its customers, has extended the debt moratorium to COVID-19 affected businesses and individuals for a second time, from October 1, 2020. 

“This extension was well appreciated by all its customers, judging from the large volumes of applications received from individuals, proprietors, and businesses. Going beyond a singular focus on its own bottom line, the bank has always strived to be empathetic to the needs of the people, especially as the pandemic continues to cause economic hardship to the nation today,” the bank said in a media release.

The second extension allowed affected customers engaged in tourism, direct and indirect export-related businesses including apparel, IT, tea, spices, plantation, logistic suppliers, event management and any sectors that have been adversely affected by work disruption to apply for a further 3-month grace period. The scheme was also extended to Small and Medium Enterprises (SMEs) and individuals engaged in business sectors such as manufacturing, non-financial services, agriculture, construction, value addition and trading businesses including authorized domestic pharmaceutical suppliers, and individuals and businesses who must repay loans in foreign currency and whose incomes/businesses have been adversely affected. Furthermore, any business or individual whose business suffered due to local and overseas lockdowns resulting from COVID-19 as well as self-employment businesses and individuals who have lost their jobs or income due to the pandemic were also able to apply. These extensions were granted unreservedly by the bank, despite the significant costs incurred, and is a fitting reflection of its commitment to its customers in their time of need.

“Earlier in the year, Sampath Bank introduced an array of relief measures for individuals and businesses affected by the pandemic which included moratoriums on certain loan repayments. The bank also waived off all cheque return and stop payment charges until 30th September 2020. Small and medium scale businesses and self-employed individuals were offered relief in making repayments on certain leasing facilities and customers with Sampath Bank personal loans or Sampath Leasing facilities of less than Rs. 1 million were provided relief in making repayments. In full compliance with directives issued by the Central Bank of Sri Lanka, these measures were offered despite the Bank being aware of the pandemic’s possible impact on its own performance,” the statement said.