ComBank reduces lending rates | Sunday Observer

ComBank reduces lending rates

The Commercial Bank of Ceylon has reduced lending rates across the board in response to the needs of individual and corporate borrowers and in line with the downward trend of interest rates in Sri Lanka.

The rate cut encompasses all categories of new loans offered by the bank, and includes pawning, leases and overdrafts.

The rate cuts are to help support the Bank’s customers affected by the shutdown of businesses due to the pandemic.

Commercial Bank Managing Director S. Renganathan said, “This rate cut is just one of many initiatives Commercial Bank is taking to help revive businesses and ease the burden on individuals in these challenging times.”

A Bank official said the rates on agribusiness loans have been cut by 2% reducing the rates applicable to five and seven year loans to 12% and 13%, while the rate on Diribala loans designed for SMEs and micro enterprises, has also been slashed by 2% for both five and seven year tenors to 11.5% and 12.5%.

The interest rate on Home Loans has been slashed by 1.5% for 10-year loans and by 1% for over 10 years.

Leasing, biz Loan and personal loan customers benefit from reductions of 1.5%, .5% and .5%.

The Bank said the rate on overdrafts has been cut by 2% to 12% per annum and by 1.5% to 11% for other fixed loans.