Pan Asia Bank offers assistance to tackle pensioners’ financial woes
7 January 2015 04:12 am
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Pan Asia Bank recently conducted an awareness session for the senior citizens and the families of t he members of t he defence forces in the North Western Province on its flagship product ‘Sammana’ and ‘Ranaviru Harasara’ loan schemes.
This is part of the bank’s ongoing efforts to bridge the financial needs of these deserving segments of Lankan society who in most instances are either neglected or overlooked by the mainstream banking and the financial services sector.
An awareness session was conducted by the bank’s Chilaw branch recently with the patronage of the External Affairs Deputy Minister Neomal Perera.
Sri Lanka is among the countries with one of the highest ageing populations and according to projections, the country’s elders (60 years and above) are expected to reach four million of its population by 2021 from 2.8 million in 2011.
This changing demographics will trigger demand for finance for the Lankan elderly population to engage in a commercial enterprise, house renovation, medical requirement or to go a tour around the world in their winter of life.In view of the above trend, Pan Asia Bank offers the Sammana loan scheme which provides loan facilities with minimum hassle for retired government servants below 70 years of age.“All you have to do is to transfer your monthly pension to a Pan Asia Bank account,” said Pan Asia Bank Area Manager North Central and North Western Region Milroy Perera, adding that the loan could be obtained from the bank’s any of its 78 branches situated across the country.
The bank also made aware of its specially designed lending products for the families of the military and police of the areaKilled In Action (KIA), Missing In Action (MIA) and Disabled In Action (DIA) at the seminar.“Any military family who falls under any of these categories could obtain t he facility at ease,” said Perera.
The unique feature under these loan schemes is that the borrower will automatically be entitled to a loan protection policy and a life cover. This will relieve the family of the liability in case of the demise of the borrower.Further, the policy is issued without any medical inspections irrespective their ages which is a rare privilege for the elderly people of the country.Pan Asia Bank is at the forefront of financial innovation and the creation of financial inclusion is part of the bank’s corporate strategy.