DFCC Bank has broadened its Garusaru Pension Loan facility, now offering eligible pensioners access to loans of up to Rs. 12 million with repayment periods extending to 15 years.
DFCC Bank has expanded its Garusaru Pension Loan scheme to provide greater financial flexibility for retirees facing significant expenses. The updated facility allows eligible pensioners to borrow between Rs. 100,000 and Rs. 12 million, with repayment options spanning up to 15 years. Borrowers can choose between fixed and variable interest rates, enabling them to select arrangements that align with their budget planning preferences.
The loan product is designed to address various retirement needs, including medical expenses, home renovations, and other personal requirements. According to Asitha Pinnaduwa, Vice President and Head of Products and Propositions at DFCC Bank, the extended repayment period helps make monthly instalments more manageable for pensioners living on fixed incomes. The bank structured the scheme to acknowledge that while pension income is predictable, major expenses often arrive unexpectedly and in substantial amounts.
Eligibility for the Garusaru scheme extends to government pensioners, widows and widowers receiving state pensions, pensioners employed by the Central Bank of Sri Lanka and the Ceylon Electricity Board, and qualifying ex-military personnel. Applicants must be under 74 years of age at the time of application, with the requirement that loans be fully repaid before the borrower reaches 75. Additionally, monthly instalments cannot exceed 60 percent of an applicant's net monthly pension income.
Prospective borrowers can apply through DFCC Bank branches with simplified documentation. Further details are available on the bank's website at www.dfcc.lk or by contacting the 24-hour Customer Care Centre at 011 235 0000.
