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GMOA requests elimination of “Early Settlement Fee” for bank loans

The Government Medical Officers Association (GMOA) has yesterday written to President Gotabaya Rajapaksa requesting the removal of “Early Settlement Fee” for bank loans.

They also requested the President to reduce the interest rates of bank loans when they are settled earlier than the due time period.

“We firmly believe that banks should ideally encourage customers by reducing interest rates for such persons who decide to settle early, appreciating their success,” the organisation aid.

The GMOA further commended the President for his move to reduce bank interest rates to a single digit.