PERSONAL  LOANS

Eligibility

a) Applicants should be

Confirmed, permanent employees in Government ,Semi-

Government Or Private sector ,

Be employed in a recognized, established company (accept by the

Bank) with at least 3 years of service

b)Applicants should have a gross monthly income in excess of LKR 20,000-, including allowances. Additional income will have to be with proven documentations.

c)Applicant’s total deduction together with the proposed installment

should not exceed 55% of monthly Gross salary/Income.

d) Freedom to apply Jointly with Spouse

e) The loan will be offered to;
To Construct or Purchase a house
To purchase a block of land to build a house
To add a new part to a house /extensions
To complete a partly built house
To Repay a loan obtained from a recognized financial institution for housing purpose (Redemption)
To Purchase of machinery, equipment ,and construction of factory buildings
To purchase agriculture machinery/equipment’s & Vehicles
To Purchase agriculture vehicle Or properties
For the financial requirements of the small & medium Enterprises.
To purchase a vehicle for transportation & tourism Industry
To Financing for tourism agricultural & fishing Industry.

Loan scheme

a). The bank will finance a minimum amount of Rs.300,000/-, and a maximum amount Rs. 3 Million

b).The repayment period should be limited for 6 years subject to employment period of the borrower.

c). Age Limit between 18-55 years of age

d).The loan rental (EMI) should be deducted from the applicant/s salary & remitted to the SMIB savings a/c

e).Two personal Guarantors accept by the bank & One person can be guarantee only maximum of Two borrowers only.

f).C.R.I.B report of the applicant/s & guarantors should be obtained.

g).Guarantors guarantee capacity should be evaluated according to the Credit guide lines.

h).Spouse cannot be a guarantor

Security

* Joint & several Two Personal guarantee

*Assignment over monthly salary Or Loan Rental (EMI)

Interest rate –

Fixed interest rate  15.50%p.a

Charges

Documentation charges - 1% from the loan amount (Max Rs.10,000/-)
Stamp Duty – 0.1% from the loan amount for D.P.N

Officers in charge of the service -

Branch Manager   -  Mrs. Sandya Goonathilake  
                                 Tel  011 7722814  Fax. 0112575359   e-mail   sandyag@smib.lk

Assistant Manager -  Mrs. Nilukshi Gopallawa
                                 Tel  011 7722814  Fax. 0112575725   e-mail   nilukshig@smib.lk