ComBank slashes lending rates further | Sunday Observer

ComBank slashes lending rates further

The Commercial Bank of Ceylon has cut its lending rates further, slashing rates by up to 2% on all categories of loans in a continuing effort to bolster businesses affected by the pandemic. The Bank took steps to reduce lending rates in February 2020, before the full onset of the pandemic and also responded swiftly during the lockdown period by reducing lending rates on two more occasions.

The rate cut covers all new home loans, leasing, personal loans, pawning, diribala development loans for SMEs, Green and pensioners’ loans and loans provided under the special Bank-funded Agri Business and Covid-19 relief loan schemes.

“The depths to which some business sectors have been affected continues to be revealed as we step up our efforts to provide a lifeline and sustain companies and the economy until business volumes and cash flows improve,” Commercial Bank Managing Director S. Renganathan said.

“We will continue to look for ways in which we can contribute even more in the challenging months ahead,” he said.