- Friday, 15 May 2015
ISSUING OF LOANS :
Following loans operate in respect of permanent employees of public, government corporations and local government institutes.
We grant Rs.250, 000/- loan to the staff officers only.
TO OBTAIN A LOAN FROM LADY LOCHORE LOAN FUND YOU SHOULD BE :
- In a government pensionable post with 3 years confirmed status.
- Semi-government pensionable servants with 5 years confirmed service.
- The retiring age at the time of granting the loan is considered as 55 years.
- Able to recover 40% as loan installments from the pay.
- Applicant should furnish two sureties with pensionable service and 3 year permanent period of service.
- Non-Pensionable applicants shouldprovideone pensionable surety and anotherguarantor with five years continuous service.
- Should submit dulycompletedand certified document to support.
LOAN INTEREST RATES:
Loans are released on a flat Annual Interest rate of 15%
LOAN RECOVERIES :
Monthly installments will be deducted from the salary with the approval of the head of the department of the applicant.
SPECIAL BENEFITS OF LADY LOCHORE LOAN FUND :
- Investment certificates are not held as guarantees.
- The interest levied is less than the bank rates, while the interest is being charged on the balance at the end of the month.
- Applications could be obtained on payment of a nominal fee of Rs. 150/-.
- Loan application could be obtained free of charge by downloading from LLLF website (www.lochorefund.gov.lk) to obtain the loans without being a member of the Fund.
HOW TO OBTAIN A LOAN FORM LADY LOCHORE LOAN FUND :
- Applications obtained by visiting the office, bypostor by downloading from the LLLF website should be duly completed and submitted to this office with the certification of the Head of Department of the employee’s work place.
- Loan applications received are evaluated and if eligible, the applicants will be informed to complete the bond together with the sureties on a first come first served basis of application being received in the office of the LLLF.
- On signing the bond, the loan applicant should forward a letter from the Head of this Organization certifying thatthe loan instalments will be deducted and sent to LLLF office after releasing the loan to the applicant.
- As agreed the invoices will be directed to applicant’s service organization on a monthly basis to remit the value of the invoice.
- On completing recovery of the instalmentsin full, the Organization will be kept informed of thefull settlement of the loans.