Financial aid at a concessionary interest rate during festival season

The government has decided to provide supplementary financial facilities at a concessionary interest rate to every household to meet their various needs during the upcoming Christmas and New Year festive seasons.

According to the Presidential Secretariat, loans are provided under 3 categories based on the monthly income. Individuals with a monthly salary/income above Rs. 50,000 are entitled to a loan of Rs. 50,000 while those who are with a monthly salary/income between Rs. 25,000 to Rs. 50,000 could request for a total loan of Rs 25,000. Finally, those who are below a monthly salary/income of Rs. 25,000 are qualified to apply for a loan of Rs. 10,000. Festive loans are provided by Bank of Ceylon, People’s Bank, National Savings Bank, Regional Development Bank and Samurdhi Bank.

Employees in both the public and private sectors who expect to receive supplementary financial facility should notify their Heads of Institutes to commence the loan process. The Heads in turn will submit the certified list of applicants to the closest branch of the State Bank to their place of employment. The respective branch will credit the amount due to the employees’ accounts without any delay.

The loan should be repaid within 10 months. The interest rate is 0.625. Loans will be recovered from the employees on monthly installment basis from January to October 2021.

The provision of loans to state pensioners and Samurdhi beneficiaries is vested with the Department of Pensions and the Samurdhi Bank.

Those who own three-wheelers, school vans, buses and individuals employed at private bus services can apply for the concessionary loan by presenting their National Identity Card to the State Bank where their bank account is maintained. In addition, those who don’t belong to the above category and yet if they earn daily wages and maintain an account at a State Bank are entitled to this festive loan facility.

The government is determined to steer the country forward in 2021, with the economy and people’s lives completely restored and catching up the loss incurred during 2020 due to the COVID 19 pandemic.

The workforce and entrepreneurs made immense sacrifices to gradually restore exports, tourism, construction and other manufactures and services during the two-month period of travel restriction at the height of the COVID 19 pandemic. It was backed up by overwhelming support from the health, security, police, and public service. Therefore, in 2020, it was able to revive productions in the field of agriculture. It ensured the supply of food for the survival of the urban population. The supplementary finance facility for the festive season has been arranged as a token of appreciation for their contribution to the motherland during distressed times.