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Commercial Bank reduces interest on gold loans

Sep 26, 2011 2:30:31 PM - www.ft.lk

The Commercial Bank of Ceylon has slashed its interest rate on gold loans by three percentage points, significantly enhancing the value of this precious metal as a means of raising funds at short notice for any business or personal purpose.
The bank, rated internationally as Sri Lanka’s best, has announced that interest on gold loans has been cut from 14 per cent per annum to just 11 per cent, enabling borrowers to raise money at less than one per cent per month, one of the lowest rates for gold loans in the country.

Simultaneously, the bank has substantially increased the value of the advances for 22kt and 24kt gold sovereigns for loans above Rs. 10,000.
“Gold loans can be obtained faster and at a lower cost and are therefore more attractive than options such as overdraft facilities and regular loans,” Assistant General Manager (Personal Banking) of Commercial Bank Vimal Fernando said. “With the introduction of these benefits, Commercial Bank’s gold loans have emerged as one of the most convenient and affordable methods to obtain funds for any financial purpose.”
He pointed out that by offering these loans for advances of Rs. 10,000 upwards, the bank has enabled a wide cross section of customers to use this facility.
Commercial Bank’s stature as one of the most stable financial institutions in the country further increases the attractiveness of the option of obtaining gold loans from the bank as it ensures high security for gold jewellery deposited at the bank to obtain loans, Fernando added.
Gold loans can now be obtained from 154 Commercial Bank service points island wide. All necessary facilities to protect the privacy of customers including a separate, dedicated cubicle and sophisticated equipment to test and weigh gold are available at these units which are staffed by personnel trained by industry experts to advise and serve customers.
Some of these branches offer holiday banking thus enabling customers to obtain Gold Loans even on Saturdays.
Established in 1969, Commercial Bank is the largest private bank in Sri Lanka, and operates a network of 202 computer-linked service points and the country’s single largest ATM network of 441 terminals. The Bank has been adjudged ‘Best Bank in Sri Lanka’ for 13 consecutive years by ‘Global Finance’ Magazine and has won multiple awards as the country’s best bank from ‘The Banker,’ ‘FinanceAsia,’ ‘Euromoney’ and ‘Trade Finance’ magazines. The Bank’s operations in Bangladesh comprise of 17 service points.

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