Fin. Min. calls for festival loan facility applications

• New loan scheme announced by President for public and private sector employees, Samurdhi beneficiaries and self-employed
• Loans in appreciation of 
• COVID-19 guideline compliance
• Implementation through State banks on 0.625% interest rate, 10-month repayment
• Loans from Rs. 10,000 to Rs. 50,000 available   

The Finance Ministry yesterday called for heads of public and private organisations to expeditiously forward lists of people wanting to avail themselves of the new Supplementary Festival Credit Facility announced recently by President Gotabaya Rajapaksa.

President Rajapaksa has directed to provide a Supplementary Festival Credit facility to all interested employees in the public and private sector as well as Samurdhi beneficiaries, self- employees and others, in appreciation of their deep compliance with the COVID-19 health-related living style throughout this year while remaining firmly committed to overcome the challenges due to impact of COVID-19 in 2020, the Ministry said in a statement, 

This Credit Facility will be provided through Bank of Ceylon, People’s Bank, National Savings Bank and Regional Development Bank, at 0.625% monthly interest rate and repayment will be in 10 monthly instalments commencing from January 2021. 

This credit facility will be provided as follows:

1. Employees having a take home monthly income of Rs. 50,000 or more are entitled to a credit facility of Rs. 50,000.

2. Employees having a take home monthly income above Rs. 25,000 but less than Rs. 50,000 are entitled to a credit facility of Rs. 25,000.

3. Employees having a take home monthly income less than Rs. 25,000 are entitled to a credit facility of Rs. 10,000.

Accordingly, the General Treasury has already provided necessary instructions to Bank of Ceylon, People’s Bank, National Savings Bank and Regional Development Bank to implement this credit facility scheme immediately.

Heads of public and private organisations are requested to provide the certified list of employees who are willing to enjoy this facility to the nearest branch of the Bank of Ceylon, People’s Bank, National Savings Bank and Regional Development Bank depending on their choice. The banks will make necessary arrangements to credit this facility to respective employees’ accounts to enable them to use the facility during the festival season.

The Department of Pensions and the Department of Samurdhi Development shall provide their certified list to the above banks with the commitment to recover the same on the basis mentioned above. 

The operators of three wheelers, school vans, private buses, etc., who have bank accounts in the above mentioned banks, can also request the same facility from their respective banks by producing their National Identity Card and they may contact them for further information.

Those who are not belong to these categories and have accounts at the above mentioned State banks may also can apply for this credit facility and banks may consider the request depend on their repayment capacity, the Finance Ministry said.

The President said he expected fullest cooperation from all public sector and private sector organisations to assist their employees to obtain this Supplementary Festival Credit Facility and requested to coordinate with the above mentioned banks to implement this facility.