Pan Asia Bank offers assistance to tackle pensioners’ financial woes

Wednesday, 31 December 2014 00:25 - - {{hitsCtrl.values.hits}}

Pan Asia Bank recently conducted an awareness session for senior citizens and the families of members of the defence forces in the North Western Province on its flagship ‘Sammana’ and ‘Ranaviru Harasara’ loan schemes. This is part of the bank’s ongoing efforts to bridge the financial needs of these deserving segments of Lankan society who in most instances are either neglected or overlooked by mainstream banking and the financial services sector.

An awareness session was conducted by the bank’s Chilaw branch on 17 December with the participation of Deputy External Affairs Minister Neomal Perera. Sri Lanka is among the countries with one of the highest ageing populations and according to projections the country’s elders (60 years and above) are expected to reach four million of its population by 2021 from 2.8 million in 2011. This changing demographic will trigger demand for finance for the elderly, to fund a commercial enterprise, house renovation, medical requirement or even a foreign trip. In view of the above trend, Pan Asia Bank offers the ‘Sammana’ loan scheme, which provides loan facilities with minimum hassle for retired government servants below the age of 70. “All you have to do is to transfer your monthly pension to a Pan Asia bank account,” said Pan Asia Bank Area Manager for the North Central and North Western region, Milroy Perera adding that the loan could be obtained from the bank’s at any of its 78 branches situated across the country.

At the seminar, the bank also spread awareness about its specially-designed lending products for the families of military and police in the area who are Killed in Action (KIA), Missing in Action (MIA) or Disabled in Action (DIA). “Any military family who falls under any of these categories could obtain the facility with ease,” said Milroy Perera. The unique feature under these loan schemes is that the borrower will automatically be entitled to a loan protection policy and life cover. This will relieve the family of the liability in case of the demise of the borrower. Furthermore, the policy is issued without any medical inspections, irrespective of age, which is a rare privilege for the elderly people of the country. Pan Asia Bank is at the forefront of financial innovation and the creation of financial inclusion is part of the bank’s corporate strategy.