Seylan Bank offers higher advances to pawning customers

Wednesday, 16 July 2014 00:00 - - {{hitsCtrl.values.hits}}

Partners CBSL credit guarantee scheme

Seylan Bank PLC recently entered the new credit guarantee scheme for pawning advances introduced by Central Bank of Sri Lanka to provide enhanced level of credit to their customers.

This credit guarantee scheme will support farmers, small business owners and small and medium entrepreneurs who use pawning advances for their economic and business activities as well as the retail banking customers who use the pawning service to finance their day to day needs. Under this scheme, borrowers are eligible to obtain pawning advances up to Rs. 500,000 with an interest rate of 15% per annum which includes all fees and charges. The enhanced level of credit ensured by this scheme will help all borrowers of pawning advances to meet their financial requirements comfortably. A repayment period of 12 months is on offer under this scheme. The scheme is implemented and monitored by the Regional Development Department of the Central Bank of Sri Lanka and it is expected that the present level of credit under pawning would increase significantly due to the scheme. Seylan Bank which has positioned itself as the ethical and the responsible option for pawning offers a tailor-made financial solution through its pawing service ensuring that the customers redeem their articles at the end of the term by paying the borrowed capital along with interest. Seylan Bank’s friendly, efficient and conversant staff is always at hand to serve its clientele through our network of 150 plus outlets and 158 ATM machines.