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Pan Asia Bank launches “Saviya” microfinance loan scheme

27 April 2016 12:00 am - 0     - {{hitsCtrl.values.hits}}

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Pan Asia Banking Corporation PLC, Sri Lanka’s fastest growing commercial bank, took yet another giant step towards promoting sustainable financial inclusion with their recent launch of “Saviya” microfinance loan scheme. 
This loan scheme is designed to assist development of livelihood for prospective entrepreneurs who remain largely overlooked by the mainstream conventional banking. “The reason for introducing this scheme is our belief that in Sri Lanka’s economic growth story, there is a pivotal role to be played by small enterprises engaged in industries such as agriculture, live stock development, fisheries, and other small enterprises. As such, it is our duty and responsibility as a successful local bank to empower small scale entrepreneurs by making credit facilities available to them at their hour of need” commented Naleen Edirisinghe, DGM Retail Banking & SME of Pan Asia Bank.
Speaking at the inauguration ceremony held recently at Pan Asia Bank Embilipitiya branch granting the first ‘Saviya’ loan, Naleen Edirisinghe stated that ‘We are extremely happy to launch this special loan scheme, bringing credit, savings and other essential financial services within the reach of millions of people who still remain overlooked by most financial institutions, due to their inability to offer sufficient collateral. This void prompted Pan Asia Bank to venture out to serve this segment of population in Sri Lanka by providing credit facilities based primarily on the bank’s evaluation of the applicant’s vocation and its confidence in the success of the enterprise rather than the collateral. “Saviya” loan scheme also aims to promote a savings culture among these customers and thereby strengthening their financial position” he further added. Supplementing the Saviya loan scheme, is an investment-based savings scheme where it is mandatory for the borrowers to contribute an additional agreed amount every month towards a savings build up which could be used as collateral for any future expansion of business activity. 
The bank also permits group loans against the cross guarantees where maximum number of borrowers in each group to be 5 nos. The minimum value of such loans will be Rs.25,000 and the value granted will vary depending on the requirement considering the past track record of the particular borrower. 
“We expect to further expand the Saviya loan scheme to cater to a wider section of the targeted market segment such as small scale agriculturists, cultivators and milk farmers who already maintain supplier linkages,” added Edirisinghe.

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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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