This loan product is solely designed for the purpose of supporting SANASA Primary Societies that lack sufficient funding by increasing their assets financially, so that they in turn can develop and support smaller, dependent societies.
FEATURES AND BENEFITS
- Unsecured loans up to Rs. 2 million at prevailing interest rates
- Repayment period up to 3 years in monthly installments, with a 3-month grace period.
Eligibility
The individual Branch Manager holds responsibility of approving the loan facility based on the society accounts being maintained at an acceptable level.
- SANASA Societies with a total asset base below Rs. 10 million
- 3 years audit files to rebate, subject to the repayment capacity of the society
- Non-performing Loans (NPLs) of the society should be less than 10%
- Loans granted only as relending and / or working capital
- Continuous transactions with SDB / any other bank / District Union / society / any other financial institution for at least 6 months
Required Documentation
- A duly filled loan application
- Society Mandate
- Society Registration Certificate
- Copy of the Memorandum and Articles of the Society
- Certified copy of the resolution of the Board of Directors
- Society Declaration Form
- Signature Card
- No. 12. Edmonton Road
Kirulapone
Colombo 06
Sri Lanka. - 011 5411 411