Although banking has expanded very rapidly during the recent past a large segment of our population is deprived of their right to access to credit which is a requirement to transform their capabilities, courage and commitment into productive economic activities for upliftment of their living standards. Having realized this deficit our Founder Chairman Deshamanya Dr. Lalith Kotelawala decided to set up a separate department under “Development Banking” in the bank to cater to this sector whilst serving the other development projects as well.
The Development Banking Department was set up in the year 2003 under the directions and guidance of the Chairman as a fully fledged banking unit to serve this most deserving sector without much hassle under one roof.
The department at present is dealing with the following products and services.
Term loan facilities are granted for start up ventures as well as for expansion of existing ventures in the SME sector subject to viability of the venture.
The financial assistance is extended up to 100% subject to terms decided on the profitability and cash generation.
Project financing proposals are accommodated with tailor made credit packages to suit the proposed investment subject to overall viability.
The department with the guidance of our Founder Chairman/Managing Director has funded the first automobile manufacturer in the country under the project financing scheme and similar proposals may be considered based on the financial feasibility and the socio economic viability of such projects.
- Import/Export Credit and Working Capital Financing including Leasing
Trade financing facilities are considered by the department depending on the commodities being traded and contribution to the economy.
In addition import/export financing and short term working capital financing facilities to suit manufacturing projects are granted as required by the business unit/project to perform their business.
The loans for housing purposes are processed at the department within a maximum period of 2 weeks from the date of submitting all required documents.
Loans for purchase of lands, construction of houses, purchase of complete houses or to renovate on existing houses are considered up to a maximum of 75% of the FSV for a maximum duration of 25 years.
- Executive Super Loan (Enjoy the Power of 3 in 1)
A combined loan facility is considered for housing, purchase of a vehicle and household equipments with a customized repayment plan to suit the repayment capacity. A loan under this scheme is considered for a maximum duration of 20 years.
- Flexible Loan Scheme for Sri Lankan Expatriates
This is a product specially designed for people employed abroad to grant a facility to the closest relation as recommended by the expatriate against his guarantee and any other suitable security offered provided he has selected “Ceylinco Fast Cash” for remitting his earnings to Sri Lanka.
The requirement is to have 3 remittances through Ceylinco Fast Cash to be eligible for this loan facility.
The leasing facilities for automobile are processed within a period of 48 hours and granted at competitive rates for a maximum duration of 5 years.
The bank has also joined a special loan scheme implemented by the Central Bank with the objective of strengthening the economic conditions of low income families, encouraging them to involve in other income generation activities.
Under this scheme loan facilities are considered on group basis through organized socities upto a maximum of Rs.50,000/-.
- Personal Assistance Loan scheme
Personal Assistance Loans are considered to finance household items, motor cycles etc on group basis with the co-operation of their respective employees by extending their assurance for remitting the loan instalment on a monthly basis deducted from their salaries.
This has been a very successful project that has been implemented with several public sector institutions. |
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