DFCC Bank is renowned as a national icon, with a legacy of over 65 years of contributing to the nation. With DFCC it is not just about banking but it believe in partnerships and it is most heartening to note that these relationships have lasted throughout generations. In the aftermath of the global crisis DFCC Bank has forged ahead with financial solutions enabling customers to overcome challengers thereby contributing to the Economic revival of the country. The Senior Vice President for Consumer Banking Gillian Edwards shared about one specific loan which is ideal for such an adversity.
What is the thought process behind the introduction of the DFCC One Loan?
The DFCC One Loan is the brainchild of DFCC Bank to ease the financial burden of its customers in the aftermath of COVID-19. The bank having understood the need of the hour has come up with a specially designed solution
As a consequence of the pandemic we witnessed many Employers enforcing reductions on salaries and other benefits extended to their Employees which resulted in a significant strain on the finances of an individual. It is true that moratoriums were granted, however as we are aware these are short term measures. Therefore managing ones income and ensuring that the home
fires were kept burning was paramount.
Under these circumstance balancing ones budget plus servicing a number of loans and credit cards at various institutions is indeed challenging. We did witness many bread winners struggling under the burden of debt with no way out.
Therefore we decided why not Consolidate all your borrowings to just one loan at one bank which is DFCC of course!! Moreover you get an extended repayment period coupled with an attractive rate of interest.
Life after COVID is all about the New Normal. Our life styles have changed, our wants and needs are different. The Same applies to our finances as well. Too many loans and a multiple assortment of credit cards with restricted income is not a feat that can be easily managed during trying times
COVID was indeed an eye-opener that we should never take life for granted. It also taught us the value of saving for a rainy day. However savings with a growing family is easier said than done. In such a backdrop one has to find the best solution which we believe is debt consolidation which gives you the leeway to manage your finances.
DFCC Bank accounting for 65 years of service to the nation will be right by your side during difficult times. Having understood the hardships and strains that families have had to endure over the past months, this product was designed to ease ones financial burdens.
DFCC One Loan is a single loan which encompasses all the possible requirements extended with a very comfortable repayment period supported with the best interest rate to fit ones repayment capacity. The DFCC One Loan accommodates the settlement of loans, leases, credit card balances and other borrowings. Furthermore we do not restrict the product only to debt consolidation but also to provide additional funds to meet various Personal requirements of the borrower.
Today banking is all about service and through service we build relationships. We at DFCC believe in partnering with our customers celebrating success as well as standing by them in times of difficulties.
The Vardhana Sahanaya Loan scheme is one such example. This loan scheme was specially launched to assist our customers who were affected by the recent flood. This loan scheme is extended at a concessional rate of interest and available to both the fixed income earner as well as the self employed to rebuild their business as well as homes.
DFCC One Loan is indeed a new beginning in ones financial journey. Understanding the value of managing finances is a lesson to be learned. DFCC Bank has always been there to lend a hand at a time of need and the DFCC One Loan will certainly guide its customers through life’s hurdles in keeping with the product tag line “Our solution to your debt” (Obage Nayata Ape Wisaduma).
What criteria make a person eligible for the DFCC One Loan?
DFCC One loan is extended to fixed income earners and professionals in confirmed employment in the Private or Government sectors. The age cap is 55 years however we can go up to 60 subject to employer conformation. A minimum income threshold of a gross of Rs. 150,000 applies consisting of basic plus fixed allowances as well as a variable component. Ones salary has to be remitted and in the case of self employed professionals private practice income. Loans can be obtained jointly as well Once repayment capacity is assessed as well as the CRIB.
What are the entitlements which come with the DFCC One Loan?
DFCC One Loan could be obtained for a maximum period of 8 years subject to an age limit of 60. The maximum loan amount applicable is Rs. 8 million. However our terms are flexible as we will tailor make a package to suit each individual.
As mentioned remitting one’s salary to the bank is a requirement and coupled the salary remittance customers are entitled to a special rate of interest on the DFCC One loan, an overdraft facility on their current accounts, free debit card, joining fee waivers on credit cards, free digital banking services as well as a host of other benefits.
We at DFCC look forward to a lifetime journey with our customers as the bank is fully geared with a host of products and serves providing our clients a seamless banking experience.
What is the accessibility of DFCC Bank’s loan facilities?
DFCC Bank has a strong branch network which is strategically located throughout the country. All our branches are fully geared to cater to the needs of customers. We also have a fleet-on-street comprising of over 140 Banking Executives dedicated to serve the customer at his or her doorstep. Finding time to visit the bank could be a challenge and we are fully geared to serve our customers at a time and place of their convenience.
We are also geared to serve our customers through our digital channels where applying for a loan is just a click away.
Enlighten the reader regarding the personal financial solutions offered by DFCC Bank
DFCC Bank has a plethora of unique solutions offered under its umbrella of personal financial products. We have an entire range of products to meet the varying needs of an individual. For instance our Home loans cater to build, buy or renovate ones home. We do work with leading Property Developers offering a variety of apartments projects to chose from. We also offer vehicle financing by way of loans and leases as well as Educational loans. The Personal Loan offering caters to all walks of life with a special loan scheme for Pensioners as well. Our solutions are flexible and can be tailor made to suit each individual requirement.
Apart from our lending products we have a host of deposit offerings for all age categories. We have the DFCC Junior accounts for kids, Teen accounts, a whole host of offerings for adult savers and of course a special account for Seniors titled DFCC Garu Saru. DFCC Bank offers the very best in terms of interest rates for local as well as foreign currency deposits. Catering to all ages and walks of life, DFCC is indeed the bank for everyone!!
In what way have the plans for the decade changed due to the global pandemic?
Well COVID-19 did speed up our digital plans which were for the best.
One of DFCC’s overarching objectives is to be the most customer-centric and digitally enabled bank by 2025. We have been focusing our efforts to ensure maximum convenience for our customers, catering to an increased adoption of digital channels to conduct financial transactions. This, in turn, has led to the expansion of the Bank’s digital footprint within the country’s banking industry. We monitor banking trends both here and overseas, and leveraging evolving technology to improve our products and services. Some of DFCC Bank’s products and services that gained the most traction, especially during this challenging period, are DFCC iConnect, DFCC Virtual Wallet, M –teller and DFCC Pay. Envisioning a digital-first future and improved customer convenience, our aim is to be the ‘Bank for Everyone’.
