People’s Bank in fresh drive to promote auto loans
Thursday, 5 June 2014 00:04
We all aspire to drive around in a vehicle of our own, yet not many of us are fortunate to realise this dream. This is where the country’s pioneering state bank, People’s Bank, steps in. The People’s Auto Loan is specially designed to help all those aspiring individuals to own an automobile that fits their purpose, budget and social status.
This exciting loan scheme enables professionals, entrepreneurs and other individuals with permanent employment to buy a vehicle of their choice; be it for personal use or for any type of business and commercial purpose. Accordingly, the People’s Auto Loan facilitates purchase of vehicles by providing financial assistance up to 75% of the invoice value in the case of brand new vehicles, while in the case of unregistered, reconditioned vehicles; up to 75% of the amount valued is granted as a loan.
People’s Auto Loan has also been extended to cover the used vehicle market where those customers who intend purchasing a used vehicle will receive financial assistance of up to 60% of the amount valued, thus helping a large cross section of Sri Lankans to be proud owners of automobiles.
The bank has also made arrangements to introduce special concessionary interest rates with repayment periods ranging between 5-7 years, thus making it ultra convenient for customers. Those opting for the five year payback period will be required to pay a monthly instalment of only Rs. 2,378.99 for each Rs. 100,000 while in the case of customers who select the seven year repayment option will pay just Rs. 1,929.68 for Rs.100,000.
Apart from attractive interest rates and payment conditions, customers of People’s Auto Loan also receive many attractive benefits. Arrangements have also been made to issue application forms for the People’s Auto Loan from over 730 People’s Bank branches spread across the island with convenient and simplified processing to make it a hassle-free exercise. The bank does not charge a processing fee while the loan has been structured in a manner that interest is charged on a reducing-balance basis, thus making it a truly customer-friendly loan scheme.
What’s more, there are no hidden charges associated with the People’s Auto Loan, and VAT too will not be added into the monthly instalment. In addition, no penalty will be imposed in the event the loan is paid prior to the agreed loan period.
Contact the nearest People’s Bank branch for further information on the People’s Auto Loan and own your ‘dream vehicle’ today!