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| Sunday, 22 June 2003 |
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| News Business Features Editorial
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Many innovative loans from Seylan Bank Seylan Bank is one of the first commercial banks to introduce housing loans for its customers. The bank provides housing loans at competitive rates. These schemes target various customer groups, according to their requirements - business or personal. Under the Piyasa Housing Scheme launched in 1997, Seylan Bank has disbursed loans amounting to Rs 3.5 billion. The scheme caters to professionals and the middle income group. Upto Rs 10 million is given based on an individual's earning capacity. The repayment period ranges from five to 25 years depending on the borrower's age. To facilitate and expedite the process, a mortgage protection policy is arranged on behalf of the customer, where for a small premium, security is ensured to the legal heirs. The scheme facilitates purchase of land, building a house and renovating a house with an interest rate of 15 per cent. Under the Low Cost Housing scheme, loans are available to those earning between Rs 3,000 and Rs 20,000. Loans upto Rs 500,000 are available with a repayment period of upto 15 years. A grace period of one year after completion is given to commence repayment, with an interest rate of 10.5 per cent. A Special Piyasa Unit has been set up at the bank's Havelock Town branch for the speedy disbursement of loans. Piyasa Loan customers can also take advantage of the Piyasa Siri Nivasa scheme, provided six months after the grant of the loan to purchase household effects and furniture. The Piyasa Velenda Nivasa scheme is a loan with a shop-house concept, where professionals and small business entrepreneurs particularly those in self-employed ventures can use part of their houses for business purposes. Here the interest rate is one per cent more than the rate for housing loans. The Piyasa Suwa Nivasa is for medical professionals, both general practitioners and those in specialist categories. It helps them set up their own practice by constructing premises, with provision to purchase medical equipment through a leasing facility. Leasing facilities are available under the bank's Smart Lease scheme. Industrial equipment and commercial and private vehicles can be leased under the scheme. Seylan Bank provides loans to those engaged in small and medium enterprises, both under refinance schemes and through the allocation of its own funds. These facilities suit those setting up small businesses or enterprises in food processing, coconut and rubber-based products, and those in the services sector, such as printing and hoteliering. The Seylan Suhada loan scheme assists the micro-finance sector. It can be utilised for domestic and minor agricultural farms or enterprises, with the support of NGOs and other self-help promoting institutions to help educate clients. Seylan also has a loan scheme for farmers of short-term crops. Under this scheme, the bank has introduced the Govi Sarupatha, an input credit card, which enables farmers to deal directly with suppliers of agricultural inputs. This product was acclaimed at the Asia Pacific Bankers Congress in Bangkok in 2001, winning the award for the most innovative product in the micro-finance sector. The facility is also backed by a forward sales agreement. |
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