Convenient Cash Loans
Convert your dream into a reality. Obtain a Convenient Cash Loan from Nations Trust Bank American Express Credit Card
Whether it’s an unforgettable overseas trip, a state-of the art home theatre system or a complete overhaul of your home, you can make it happen with the Convenient Cash Loan facility on your Nations Trust Bank American Express credit card.
As a privileged credit card member you can enjoy the convenience of obtaining a cash loan up to 75% of your credit limit over the counter at any Nations Trust Bank Branch while also enjoying the flexibility of paying your loan back in installments.
|Minimum Cash Loan Value||Rs. 25,000/-|
|Maximum Cash Loan Value||75% of the permanent credit limit, subject to a maximum of Rs. 500,000/- (whichever is lower)|
|Upfront Handling Fee||3% of loan amount|
|Repayment options||6,9,12,18 & 24 months|
|Convenient Cash Loan Fee||0.875%p.m|
Example : For a cash loan of Rs. 50,000
Upfront handling fee -> 50,000*3% = 1,500.00
|Repayment Period||Cash Loan Fee||Total Monthly Commitment|
|6 months||5.25%||Rs. 8,770.50|
|9 months||7.875%||Rs. 5,993.50|
|12 months||10.50%||Rs, 4,604.50|
|18 months||15.75%||Rs. 3,215.50|
|24 months||21%||Rs. 2,520.50|
Terms and Conditions
- Convenient Cash Loan (CCL) is made available to all credit cards issued by Nations Trust Bank PLC (Bank) excluding Corporate cards.
- A Card-member/ Card-Holder (Customer) is eligible to apply for a minimum CCL of Rs. 25,000/- and up to a maximum of Rs.500,000/- per transaction or seventy five percent (75%) of the permanent credit limit under the credit card issued by NTB (whichever amount is lower). This will be subject to the available balance of the credit card at the time of applying for such CCL facility and subject to the approval of the Bank.
- The Customer applying for CCL facility must fill in the CCL application form and personally call over at any Nations Trust Bank branch with proof of identity in order to obtain the said CCL facility.
- The Customer’s request/application for CCL is subject to the condition that the Card is in good standing at the time of applying and the approval of NTB. NTB reserves the right to reject any application/request of the Customer without assigning any reason.
- The Customer is entitled to earn rewards points on the CCL transaction amount.
- The CCL facility will be subject to a handling fee charged upfront at a rate to be determined by NTB from time to time. However, this handling fee will be waived off if a Customer wishes to pay the CCL Fee upfront.
- The approved CCL amount will be disbursed on the same day in cash and can be subsequently converted to a banker’s cheque over the branch counter upon the Customer signing the record of charge form (ROC )
- A Customer requesting for a Cheque will be offered two options to repay the CCL transaction value. (Repayment Options)
- The Customer can pay the transaction value of the CCL as a normal credit card transaction
- The Customer can pay the transaction value of the CCL on an instalment plan (“Instalment Plan”) as per the terms and condition mentioned herein below.
- If the Customer has selected Repayment Option (a) above, the total CCL transaction amount will be charged to the Card and will be reflected in the next Statement of Account after the date of transaction as per a normal credit card transaction.
- If the Customer has selected Repayment Option (b) above, the Card will be charged as per the terms and conditions applicable to Instalment Plan as stated herein below.
- Customer can request for the banker’s cheque to be issued in the name of a third party or in his/her individual name, which will be issued only in local currency i.e Sri Lankan Rupees. The Customer will be required to fill in the standard form of NTB for the issuance of a banker’s cheque /pay order and NTB will issue an account payee cheque of NTB as per the details provided by the Customer, on the same day over the branch counter.
- The banker’s cheque issued by NTB under CCL facility will be valid for a period of 180 days and will be treated in the same manner as any banker’s cheque/pay order generally issued by NTB in its normal course of business. Any matter relating to such banker’s cheque including cancellation, repurchasing , revalidation, issuing of duplicates, lost or stolen cheques will be subject to policies, terms and conditions and practices pertaining to banker’s cheque/pay orders issued by
- The Customer hereby expressly agrees that NTB will issue the banker’s cheque on the written authorization received from the Customer as aforesaid by debiting the Customer’s Card account and once the Card account is debited the transaction shall not be reversible and the Customer shall be bound to repay the CCL value and related charges in terms hereof despite any cancellation, loss or misplace of the banker’s cheque or any other reason whatsoever.
- The Cardholder shall expressly agree and acknowledge that CCL is purely a facility to the Cardholder on the Card and NTB will have no responsibility over any goods or services purchased or availed by the Cardholder by the use of cash / banker’s cheque obtained under the CCL which shall be at the sole risk and responsibility of the Customer. Any dispute in relation to a transaction carried out by the use of the cash / banker’s cheque obtained under the CCL shall be resolved by and between such supplier/merchant/third party and the Customer and shall not in any manner affect the repayment obligations of the Customer of the CCL value and related charges to NTB under the Card.
- The Bank shall determine the features services attached to the use of CCL and shall have the absolute discretion to change withdraw vary or amend the CCL features services and conditions attached thereto from time to time as the Bank deems fit with communication thereof.
- Unless otherwise expressly provided herein, the Bank’s Customer agreement relating to the respective credit card shall apply to the CCL and the payment of CCL installments hereunder which shall be treated as a normal transaction charged to the credit card. In the event of any conflict arising between the terms and conditions hereof and the Customer agreement the former shall prevail only to the extent the same shall relate to matters involving the CCL.
- The Customer can choose to repay the CCL amount within a period of 6,9,12,18 & 24 months (“Installment Plan”) together with a fee [CCL Fee] charged by the Bank at the rate of 10.5% per annum of the CCL amount. (Annual effective rate will be 20.67%)
- The CCL amount shall be re paid by way of equated monthly installments (CCL Installments) together with the monthly installments of the CCL Fee (CCL Fee Installments). The CCL Installment and the CCL Fee Installment will be arrived at by dividing the respective CCL amount and CCL Fee amount by the tenure opted by the Customer. Hence the CCL Installment and the CCL Fee Installment will be fixed throughout the chosen tenure.
- The total CCL amount will be blocked within the existing credit limit and the respective installments will be billed to the Customer’s credit card statement on a monthly basis. The blocking will be gradually reduced along with the repayment of each installment.
- CCL Installments and CCL Fee Installments will be debited to the Customer’s credit card account on a monthly basis and reflected in the credit card statements similar to a normal transaction charged to the credit card.
- The Customer shall be required to pay the minimum payment by the due date as set out in the credit card statement.
- The Customer expressly agrees that the Bank reserves the right at its sole and absolute discretion to determine apply and appropriate all payments received by the Bank in such manner or in order of priority as it may deem fit.
- Interest will accrue on any CCL Installment or CCL Fee Installment or part thereof which remains unsettled by the payment due date at the standard interest rate applicable to the credit card determined by the Bank from time to time.
- Pre settlement of a CCL can be done by paying the total value of the outstanding CCL installments. In such an instance, the total outstanding of the CCL Fee or 4% of the remaining outstanding CCL installments, whichever is lower, will be charged as the Early Settlement Fee.
- In the event the Customer’s credit card is terminated, cancelled, not renewed, or suspended due to any reason whatsoever or any breach of the terms and conditions herein including nonpayment of dues under the CCL or any breach of the Customer agreement and the terms and conditions thereof, the outstanding CCL Installments and Early Settlement Fee shall become immediately due and payable in full to the Bank.