Seylan Bank’s affected customers benefit from host of relief measures
View(s):Seylan Bank has initiated a host of financial relief measures for all customers during these times of economic unpredictability. The bank’s measures are fully compliant with regulations imposed by the Central Bank in light
of the COVID-19 crisis and aim to ensure the financial health of its institutional and retail customers.
Institutional clients in the SME, Tourism, Apparel, IT, Plantations sectors, related logistic service providers, and other exporters eligible for the 6-month debt moratoriums in accordance with the Central Bank circular dated March 23 will be able to benefit from it.
Seylan Bank said in a media release that it has also taken measures to offer an extension on loan repayments for up-to two months for loans due in March 2020 to benefit customers who are not falling into the aforesaid categories. Seylan said it is geared to support customers who seek working capital loans at low-interest rates for business expansion and growth and extends its continuous support to ensure timely processing of salaries, remittances and international trade transactions in a bid to aid business owners affected by the present economic situation.
In order to benefit from these relief measures, all eligible customers were requested to submit a written letter to their Branch Manager or Relationship Manager or visit www.Seylan.lk/moratorium to submit a request online, before April 30.
Seylan Bank has put in place a 3-month debt moratorium for all Personal loans, Housing loans and Leasing facilities of up to Rs. 1 million understanding the financial constraints on individuals at this juncture. Private sector non-executive employees can also benefit from a debt moratorium on personal loans until May 30. Self-employed persons with existing leasing facilities with the bank will be granted a six-month debt moratorium on lease rentals for three-wheelers, school vans, lorries, small goods transport vehicles, and buses to ease the financial pressure on them due to loss of income.
Cardholders will only be charged 15 per cent on local transactions up-to Rs. 50,000 and the minimum monthly payment is reduced to 2.5 per cent, with all Seylan Bank Credit Cards receiving an extended repayment period until April 30.
Individuals who have pawned items at Seylan Bank with due dates for settlement or maturity falling on or before March 25 will receive an extended period to settle the dues until September 30. The bank also announced that late payment fees on Credit Cards and Personal loans will be waived off until September 30, the release said.
In addition to providing immediate financial relief for customers, Seylan Bank has taken steps to provide ongoing benefits for Seylan Credit and Debit card customers who order essential goods deliveries via PickMe and Uber Eats by waiving off delivery charges on the first four deliveries. The bank has also deployed Mobile POS (M-pay) machines for essential delivery merchants and made arrangements for pensions to be delivered to senior citizens via selected Seylan Branches, in order to minimise the spread of the infection.