DFCC Garusaru Hybrid Personal Loan Provides Enhanced Financial Flexibility for Government Servants Nearing Retirement

DFCC Bank, a bank dedicated to financial inclusivity and empowerment, has announced the launch of a ground-breaking new loan product, “DFCC Garusaru Hybrid Personal Loan.” This first-of-its-kind innovative offering is specifically tailored for government employees nearing retirement, addressing an important need for government servants. Unlike traditional loan products, the DFCC Garusaru Hybrid Personal Loan offers a unique feature that allows borrowers to repay the loan during active service and after retirement, marking a significant milestone in the banking industry.

Designed to cater to the financial needs of government employees approaching retirement within 6 years, the DFCC Garusaru Hybrid Personal Loan provides a flexible solution to a common challenge. Accordingly, this product empowers government employees to access substantial funds up to a maximum of LKR 5,000,000/-. All government servants with confirmed employment and a minimum basic salary of at least LKR 30,000/—per month are eligible. Loan tenures range up to 20 years, provided full repayment is achieved upon or before the borrower reaches age 75. 

Discussing the new loan scheme, Aasiri Iddamalgoda, Senior Vice President of Retail Banking and SME at DFCC Bank said, “We are pleased to introduce this pioneering product to the market, addressing the unique needs of government employees nearing retirement. This is an important milestone for the financial empowerment of senior citizens in the government service. The ability to repay the loan during both active service and retirement provides unparalleled flexibility, empowering individuals to access substantial financial support while planning for their future. The hybrid repayment structure allows maximum flexibility, allowing senior government servants to enjoy their later years.”

One of the key highlights of the DFCC Garusaru Hybrid Personal Loan is its repayment structure, which aligns with the borrower’s journey from active service to retirement. During the active service period, borrowers will service both interest and capital monthly, ensuring a manageable repayment process. Upon retirement, the loan seamlessly transitions to a rolled-over loan with equated instalments, easing the financial burden during the post-retirement phase. Furthermore, a grace period of 6 months will be provided at the time of rollover, giving borrowers flexibility until they begin to receive their pensions in their bank account. 

With a focus on customer satisfaction and financial inclusion, DFCC Bank aims to revolutionise the banking experience for government employees. The DFCC Garusaru Hybrid Personal Loan also strengthens DFCC Bank’s diverse portfolio of products and services while reaffirming its commitment to serving diverse customer segments with innovative and tailored financial solutions.

About DFCC Bank

DFCC Bank is a full-service commercial bank with a rich history of 68 years and offers a diverse range of commercial and development banking services. As part of its Sustainability Strategy 2020-2030, the Bank aims to become a leading institution contributing to greater resilience by creating resilient businesses and supporting green financing and sustainable, socially responsible entrepreneurship. The Bank has received numerous accolades, including being named the 'Most Trusted Retail Banking Brand' and the 'Best Customer Service Banking Brand' in Sri Lanka in 2021 by Global Brands Magazine UK and 'Market Leader and Best in Service in Cash Management 2022' by Euromoney. Additionally, DFCC Bank is ranked among Business Today's Top 40 Corporates in Sri Lanka, is rated A- (lka) by Fitch Ratings Lanka Limited and is regulated by the Central Bank of Sri Lanka. Attesting to its commitment to sustainability, DFCC Bank is also the first, and presently only, entity in Sri Lanka to have received accreditation from the Green Climate Fund (GCF), granting it access to concessionary funding worth USD 250 million to support climate mitigation and adaptation projects across the Island.