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90% leasing facility for vehicles with effect from today
Oct 29, 201512:14 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.
