21 July 2020 09:11 am
As the bank of the people, People’s Bank has stepped forward to fulfil its obligations and assist the government’s ongoing efforts to restart the Sri Lankan economy and help the people of the country to get some form of normalcy to their lives by reducing the interest rates to 9 percent onwards, across several loan schemes.
In accordance with the clear direction and guidance of the government, the chairman and board of directors together with the management of the bank have announced special concessionary interest rates across the board, with almost all of them at single-digit levels.
Accordingly, the interest rates for all educational loans, personal loans and housing loans have been reduced to 9 percent onwards while the interest rate for vehicle loans has been dropped to 10 percent. Small and medium-scale enterprises (SMEs) are able to obtain loans from as low as 6 percent upwards, the lowest in the market today.
Additionally, People’s Bank has also slashed interest rates for a large cross section of the public employed in different professions. People’s Bank has made arrangements to disburse these loans with these newly reduced rates through its islandwide network of 737 branches.