DFCC Bank has introduced the DFCC Garusaru Pension Loan, offering eligible pensioners financing from Rs. 100,000 up to Rs. 12 million, with repayment periods of up to 15 years.
The facility is designed to help pensioners manage significant expenses that may arise during retirement, including medical costs, home improvements and other personal financial requirements. With the option of a longer repayment period, borrowers can spread their commitments over a greater period, potentially making monthly instalments more manageable. Customers can also choose between fixed and variable interest rates, with the fixed-rate option providing greater certainty when planning household expenses.
Commenting on the facility, Asitha Pinnaduwa, Vice President and Head of Products and Propositions at DFCC Bank, said the product was structured around the reality that while retirement income can be predictable, major expenses may not always arrive in manageable amounts.
He noted that the higher loan limit allows eligible pensioners to address larger financial requirements, while the extended repayment period and fixed-rate option can provide greater flexibility and predictability when managing monthly commitments.
The DFCC Garusaru Pension Loan is available to government pensioners, widows and widowers receiving state pensions, pensioners of the Central Bank of Sri Lanka and the Ceylon Electricity Board, and eligible ex-military personnel.
Applicants must be below 74 years of age at the time of applying, while the loan must be fully settled before the borrower reaches 75. In addition, monthly loan instalments cannot exceed 60 percent of the applicant’s net monthly pension.
The facility provides eligible pensioners with an option to access larger amounts of financing while structuring repayments around their regular pension income.
Image Disclaimer: Images used in this article are the property of their respective copyright holders and rightful owners. No ownership is claimed over the images.
