People's Bank reduces interest rates

In accordance with the Government initiative to develop the nation, targeting rapid growth in the fields of Agriculture, small and medium enterprises and industrial businesses, People's Bank has, from today, reduced their interest rates on loan and gold pawning.

Under this, annual interest on loans will be reduced by a rate of up to 3%, while interest rates on Gold Pawning loans have been reduced to a rate of 17.5%, the lowest in the market today. In this current year, this is the third time that People's Bank has reduced their interest on loans, with a total reduction for the year amounting to 6%.

These reductions in the rates of interest will apply to loans utilised for the sectors of Agriculture, Animal Husbandry, Fisheries, Micro Finance Loans for Small and Medium Enterprises, Housing and Construction, Hotel and Tourism and Export.

This decision has been made as a means of accelerating the achievement of the Government's targets for development, as well as towards the increasing of job opportunities and productivity in the above mentioned fields; principally with the aim of offering new investment opportunities to attract and fulfil the aspirations of young entrepreneurs. Through this reduction of interest on the loan facilities on offer, enterprises gain more opportunities to make higher earnings by the reinvestment of capital in the business.

As a local bank that believes in fulfilling the aspirations of the Sri Lankan people, with this decision, People's Bank will help bring these aspirations and dreams closer to the people of the nation.