The State Mortgage and Investment Bank (SMIB) is one of the most established
financial institutions in Sri Lanka.

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Auto Chance is a vehicle loan scheme to boost transportation, agriculture, and tourism industries for economic development activities in the country.


  • 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


  • 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.


  • Interest rate – Please refer to our website’s “Rates” tab for interest rates.
  • Insurance – Should be full insurance with rent car and hiring cover.

* Documentation charges
1% of the loan amount (Max LKR 10,000)

Should be borne by the client.

Conditions apply

For more information, visit our nearest SMIB Branch or Contact Us via our Call Centre at 1922

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