Cooperatives / societies can utilize this pre-approved loan facility for any urgent re-lending or working capital needs, and are guaranteed to obtain the funds within 3 working days. The loans will be allocated based on the collateral / capacity of the society. These loans too, are reviewed annually, so that cooperatives and societies could be granted a quantum of disbursement under the pre-approved amount with minimum documentation.
FEATURES AND BENEFITS
- Can be obtained within 3 working days with minimum paper work
- The amount of the loan and capacity of the society will be reviewed annually
- Loan amount of up to Rs. 30 million with no collateral, subject to the Board Credit Committee and Board of Directors’ approval
- Repayment is based on the loan scheme taken under pre-approved limit
Eligibility
- SANASA Societies, Multi-Purpose Cooperative Societies, other cooperatives and registered societies may apply for this loan
- Suitable collateral will be required to mitigate risk on a case by case basis
- CRIB credit history and credit reports will be reviewed prior to the disbursement
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