ComBank launches loan scheme for apparel sector employees | Sunday Observer

ComBank launches loan scheme for apparel sector employees

The Commercial Bank of Ceylon has launched a personal loan scheme for employees in the apparel manufacturing industry,to help them fund personal needs that enhance the quality of life. Commercial Bank’s Personal Loans can be obtained to fulfill any financial need such as travelling overseas, completion of higher education, funding weddings or other functions, settling other bank credit cards or loans, renovation of houses,purchase of vehicles,furniture,electronic items or any other financial requirement acceptable to the Bank.

Any permanent employee with an employment history of two years or more at any of the leading apparel companies initially recognised for this scheme can apply for loans of up to Rs 5 million with repayment up to seven years, the Bank said.

Commercial Bank Deputy General Manager, Personal Banking, Mrs Sandra Walgama said, “Sri Lanka has more than 450,000 people employed in apparel manufacturing companies. With the launch of this scheme we intend to recognise the significant contribution they make to the national economy.This is another step by the Bank to facilitate financial inclusivity and to reward the commitment of apparel sector employees.”

When credit assessments are done for these loans, 75% of overtime payments will also be considered as a fixed income, the Bank said.Both fixed and floating interest rate options are available for these loans, and structured payment plans are available for executives.

The only Sri Lankan bank among the Top 1,000 Banks of the World for seven years in a row, Commercial Bank operates a network of 261 branches and 756 ATMs in Sri Lanka. The Bank has won more than 30 international and local awards in 2016 and 2017 and has over the years received multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank and Most Respected Bank from a number of local and international institutions and publications.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the Bank has a full-fledged Tier I Bank with a majority stake and Italy, where the Bank operates its own money transfer service.