Eligibility

• Applicants should be.
  • Confirmed, permanent employees in an Executive grade or higher
  • Or be employed in a recognized, established company with at least 3 years of service
• Applicants should have a net monthly income of over LKR 40,000 including allowances.
  • Additional income will have to be with proven documentation.
  • Applicant’s total commitment for loans should not exceed 60% of net monthly income.

Loan Scheme

• The bank will finance a minimum amount of LKR 500,000 and a maximum amount of LKR 15.0 million.
• SMIB will finance only cars, SUVs, vans, lorries, buses, and jeeps.
• Vehicles financed can be brand new, unregistered, or registered, provided the vehicle is not older than 10 years from the date of manufacture to the time of obtaining the loan.

Exceptions being,

• Indian (Maruti/ Tata) and Chinese – Brand new only
• Korean / other Asian – Brand new and reconditioned (unregistered) only

Security

• Mortgage over the vehicle (lodgement of original CR with SMIB) & 1 personal guarantor accepted by the bank.
• Assignment over monthly salary or a standing order from the applicant’s bank to which the salary is being remitted.