The Commercial Bank of Ceylon has announced concessionary rates on Green Energy Loans during the month of June, as part of the Bank’s commitment to the celebration of World Environment Day which fell on 5th June.
The Bank said households seeking funds for switching to solar power to reduce consumption of electricity from the national grid, would be eligible for this special rate starting from 14%, if their loans are obtained before 30th June 2017.
Employed applicants up to the age of 60, should have been in permanent employment for a minimum of one year and have a monthly salary of Rs 50,000 or more to apply for a loan, the Bank said.
Self-employed professionals should be registered members of a professional association, have a minimum monthly disposable income of Rs.50,000 or more, and be between 18 and 65 years, to be eligible for these Green Energy Loans.
The Bank will provide up to 75% of the total cost of the solar investment at the special rates announced for June 2017.
Commercial Bank’s standard Green Development Loans offer up to Rs 25 million repayable in seven years to small and medium enterprises (SMEs) and entrepreneurs that wish to invest in energy saving, energy efficiency or off-grid renewable energy projects, including investments in solar power.
These loans are also be available to organisations that need to comply with national environmental standards by improving their waste management systems or by installing waste water treatment plants, air pollution control systems, solid waste recycling/treatment plants or sound pollution control systems.
The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for six years consecutively, Commercial Bank operates a network of 256 branches and 668 ATMs in Sri Lanka. The Bank won 10 major international awards in 2016 and has over the years won multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank and Most Respected Bank from a number of local and international institutions and publications. It has also been adjudged one of Sri Lanka’s 10 best corporate citizens by the Ceylon Chamber of Commerce for several years.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the Bank opened a fully-fledged Tier I Bank with a stake of 55% in September 2016 and Italy, where the Bank launched its own money transfer service in November 2016.