People’s Leasing offers Rs. 60 b as loan relief to over 75,000 customers impacted by COVID pandemic

People’s Bank and People’s Leasing Chairman Sujeewa Rajapakse donating Rs. 5 m to Secretary to President Dr. P.B. Jayasundara, while PLC former CEO/GM Sabry Ibrahim looks on

Sri Lanka’s leading non-bank finance sector company, People’s Leasing & Finance PLC by conforming to directives of the Central Bank of Sri Lanka has offered concessionary interest on loans and leases to over 75,000 of its customers. 

Conforming to the directives specified by the Central Bank of Sri Lanka (CBSL) circular 11/2020 with regard to this subject, PLC offered this relief to customers who were COVID-19 victims.  Under the program a six-month grace period has been offered for loan repayment and also a component of setting off loans within a budget of Rs. 60 billion making PLC the non-bank  finance company in Sri Lanka that has offered the highest amount of loan relief. 

In addition, PLC made a generous donation of Rs. 5 million to the ‘Itukama COVID-19 Health and Social Safety fund’ on the day of its inauguration.  

People’s Leasing CEO/GM Shamindra Marcelline speaking on the company’s generous move towards offering relief to COVID-19 victims said, PLC apart from being a People’s friendly finance company, is a company that has achieved great heights with the support of the people in the country. 

“As a socially responsible company, we always think it is our duty to offer support to our customers when they are in misery. This time around, we took every possible measure to relieve our customers from financial strain as and when financial assistance was sought by COVID-19 victims amongst them. We have already offered financial relief to over 75,000 COVID-19 victims. Ours is the non-bank finance sector company in Sri Lanka that has offered the greatest volume of financial relief to customers. As a company, we are happy to have served this purpose beyond our customers’ expectations. PLC’s financial stability was our greatest strength in achieving these heights.” 

People’s Leasing started its business operations in 1996 as a wholly owned subsidiary of one of the largest State banks in Sri Lanka, People’s Bank. People’s Leasing is currently the highest rated non-bank financial institution in the country, with a ‘A+(Ika)’ rating from Fitch Ratings Lanka Ltd. and the number one ranked non-banking financial services brand by Brand Finance PLC. The Company was also recognized as one of the ten best corporate citizens in the country by the Ceylon Chamber of Commerce. People’s Leasing Ranked No. 03 in Transparency in Corporate Reporting (TRAC) by the Transparency International Sri Lanka (TISL).

PLC’s financial service product portfolio includes leasing, auto loans, fixed deposits, savings accounts, housing and business loans, gold loans, margin trading, factoring, and Islamic financial services. 

People’s Leasing Conglomerate consists of six subsidiaries – People’s Insurance PLC, People’s Micro-Commerce Ltd., People’s Leasing Property Development Ltd., People’s Leasing Fleet Management Ltd., People’s Leasing Havelock Properties Ltd., and its latest foreign venture, Lankan Alliance Finance Ltd., in Bangladesh.

The unique features of People’s Leasing are its strength and stability to provide diverse financial solutions under one roof, creating a seamless, convenient and friendly customer service experience.