Union Bank continued its commitment to support and empower the Bank’s customers impacted by the Covid-19 pandemic.
The Bank took measures to immediately roll out the financial relief scheme recommended by the Central Bank of Sri Lanka (CBSL) in March 2020, in a bid to help communities to recover from the financial impacts of the medium term.
As an immediate measure, the Bank announced extensions for credit card dues in the month of March/April along with extensions for other personal borrowing such as loans and leases.
The financial relief package which places focus on the Bank’s corporate, SME and retail banking clientele include a three-month debt moratorium for all personal loans of value less than Rs.1 million. The maximum interest rate applicable for credit card transactions up to 50,000/- was reduced to 15% p.a and the minimum payment was reduced to 2% from 4% which was applicable before. Late payment fees have been waived for all credit cards and loans until 30th September 2020.
In addition the Bank tied up with Pickme.lk to offer 20% savings to its credit cardholders on essential items purchased via the app during the month of April.
Self-employed personnel, Foreign currency earners (both individuals & businesses), Small and Medium Enterprises (in the Agriculture, Manufacturing, Services, Construction & Trading sectors) and Corporates in Tourism, direct and indirect export related businesses including apparel, plantation, IT and related logistic services industries and others are eligible for loan repayment moratoriums of capital and interest from Union Bank up to 6 months. Furthermore, with the intent of providing immediate relief to SMEs, small scale traders etc., charges on cheque returns and stop payments have been waived until September 30, 2020 while the validity period for issued cheques below Rs.500,000/- of value has been extended until 15th May.
In line with the CBSL directions, Pawning interest rates have been revised with effect from 27th April 2020 for the benefit of those who wish to avail such services from the Bank.
Further, Union Bank is geared to support Corporate and SME Banking customers who seek working capital loans at low-interest rates to revive their business operations. Commenting on the initiatives, Union Bank Director/ Chief Executive Officer Indrajit Wickramasinghe said, “We are determined to do our part first by complying with all the guidelines issued by the authorities and secondly by contributing to the economic recovery of our customers affected by Covid-19. As an essential services provider during this time of uncertainty, we are doing our best to keep our services up and running while also ensuring that the safety of our staff and customers is given utmost priority. We have made a number of arrangements at our work premises to ensure that stringent levels of hygiene and safety are practiced.”
Union Bank’s corporate website and the 24-hour customer service hotline also remain open for customer queries and assistance.
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