90% leasing facility for vehicles with effect from today

October 29, 2015 12:14 pm

The 90% leasing facility for motor vehicles will come into effect from today, the Finance Ministry said. It added that the Central Bank will officially inform the directive to all private and state banks.

The Central Bank on September 14 directed banks, finance and leasing companies to follow new leasing rates which have been set at a maximum 70 per cent per vehicle.

Earlier, potential vehicle owners could lease vehicles at 100 per cent of the value of the vehicle, which had led to surge in imports and traffic jams on Colombo roads.

Maximum loan-to-value ratio on vehicles increased to 90%
Oct 2nd, 2015

Disclaimer: All the comments will be moderated by the AD editorial. Abstain from posting comments that are obscene, defamatory or slanderous. Please avoid outside hyperlinks inside the comment and avoid typing all capitalized comments. Help us delete comments that do not follow these guidelines by flagging them(mouse over a comment and click the flag icon on the right side). Do use these forums to voice your opinions and create healthy discourse.