We at Standard Chartered understand your concerns in these challenging times. As such, in accordance with the Central Bank of Sri Lanka’s (CBSL) Circular No. 10 of 2021 issued on 13 September 2021, we will be providing a moratorium for businesses and individuals in the Tourism industry for another nine months, commencing 1 October 2021 until 30 June 2022, covering both capital and interest.

This moratorium is available for those registered with the following institutions referred to in Circular No 08 of 2020:

  • The Ministry of Tourism
  • The Sri Lanka Tourism Development Authority
  • Agencies under the Sri Lanka Tourism Development Authority
  • Local Government Authorities, such as Pradeshiya Sabha, Urban Councils or Municipal Councils. However, such businesses shall now register with the relevant institutions referred to in bullet points 1 - 3 above
  • The Department of Cultural Affairs
  • The Hotels Association of Sri Lanka

In addition, employees of eligible businesses and members of eligible associations who are affected by COVID-19 can also apply for this payment holiday.

Structuring of the new loan and repayment plan:

  • Deferred instalments during the extended payment holiday will be converted to a term loan including any interest and capital falling due during 1 October 2021 to 30 June 2022. Any capital and interest falling due during previous moratorium periods will also be included into this term loan. Repayment of this additional loan will start from July 2022. A minimum of 2 years will be allowed for repayment. However, based on client request, the relevant tenure can be agreed upon.
  • Interest rate for the converted loan is 6.11% p.a. for a repayment period of two years or less. For longer periods, the relevant interest rate would be the prevalent counter rate as of 1 July 2022.
  • Alternatively, without deferring the instalments, you can restructure the existing loan facility over an extended period, subject to an agreed interest rate with the Bank. Based on your request, the relevant tenure and rate can be agreed upon. Please reach out to your respective Relationship Manager, Branch Manager or write to Feedback.RC@sc.com to obtain more information.

How to request for the moratorium

  • Eligible borrowers who wish to avail the moratorium, shall make a request on or before 15 October 2021 through their respective Relationship Manager, Branch network, Client Centre on 0112480480 or via an email to Feedback.RC@sc.com
  • When requesting, clients are required to send:
    • Duly filled Client Instruction Template
    • Latest income statement, if requesting for the restructuring option

Please note: The above terms remain subject to any other Terms & Conditions which may be applicable as per the directions issued by the CBSL from time to time.
Further, any eligible borrower who has the capacity to service the loan repayment is expected to service such loan repayments instead of requesting for this extension.

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