BOC slashes rates for lending facilities with immediate effect

In line with the government’s rapid development plans for SME, agriculture and social development, the Bank of Ceylon (BOC) will extend its loan facilities to a number of selected sectors. 

The benefit of these facilities will be extended to a wide-range of bank’s products and services that include, development loans for agriculture and SME/ micro-finance development loan schemes, leasing facilities, personal loan categories including personal loans for medical officers, members of judicial services and legal services, airport and aviation services, facilities that will be granted under all other BOC special personal loan schemes and housing loans. 

In order to assist urgent housing needs rates for housing loans below Rs.1 million was cut down to single digit of 9 percent per annum for a maximum period up to 10 years and as for loans within Rs.1 million to Rs.5 million will be at 10 percent with a maximum repayment period up to 10 years. 

Similarly, housing loan rates for other categories were also revised offering very attractive rates. 

Rates for leasing facilities have also been revised with the minimum at 10.50 percent per annum for a repayment period of three years for a selected category. 

Personal loans for special categories such as medical officers affiliated with professional associations registered with the bank and Viru Sara Card Holders will be offered a rate of 11 percent per annum and other personal loans will be offered an attractive rate of 11.25 per per annum. 

To revive the agricultural sector the BOC offers a rate of 9.75 percent per annum, for Micro and SME sector the rate stands in range between 8 percent per annum to 10 percent per annum. 
So far the bank has disbursed an amount close to Rs.11 billion as working capital to among entrepreneurs and businesses to revive from adversities of the pandemic situation.