Package of loans for Sri Lankan expats offered

RIYADH: Sri Lankan expatriates in the Kingdom are offered a package of loans and rewards by a premier state bank on the island.
National Savings Bank (NSB) Acting General Manager-International S.H.M. Mubarak, who is currently leading a three-member delegation, told Arab News that in addition to various rewards, the bank offers educational loans for expatriates’ children, car loans, housing loans and also personal loans.
Under the Buddhi loan, Mubarak explained that the bank will offer a Rs5 million loan for parents whose children pursue their education in Sri Lanka, while the sum will be doubled to Rs10 million if their children are studying abroad. Other loans include applications to purchase cars, houses and also personal loans.
“We also give pre-departure loans to prospective male workers who come to the Kingdom for employment,” Mubarak said.
In addition to these loans, the bank has introduced a raffle among expatriates who remit money during the next two months, from April 1 to May 31.
“Attractive prizes will be given to the lucky winners,” he said, pointing out that those who consecutively remit money two times within this period will be given special gifts.
“We encourage foreign workers to cultivate a habit of saving their earnings through their non-resident foreign currency accounts,” he said, adding that account holders will be given attractive housing loans. He also stressed NSB is the pioneer in the housing loan sector.
In a presentation made in the presence of community members at a city restaurant, another member of the delegation said that NSB has a clientele of 18 million account holders out of the country’s 22 million population. People in Sri Lanka can open NSB accounts not only in the 250 banks but also at all post offices spread throughout the country, he said, pointing out that students can open accounts at their school banks.
Although it was the NSB’s maiden delegation to the Kingdom, he said some 400,000 expatriates make use of the bank’s services and facilities from the Kingdom.
The NSB ‘s correspondent banks remain Al-Bilad Bank, Samba and Al-Rajhi in the Kingdom. “And also remittances can be made through any exchange houses in the Kingdom,” he added.
Founded in 1971, the National Savings Bank, is a state-owned savings bank in Sri Lanka. It was incorporated in Ceylon by the National Savings Bank Act No. 30 of 1971 and was granted the status of Licensed Specialized Bank in terms of the Banking Act No. 30 of 1988.