Seylan Bank boosts vehicle leasing sector
Seylan Bank PLC, a leader in providing innovative banking solutions in the local market, championing the leasing category, has partnered as the title sponsor for the upcoming Seylan Colombo Motor Show 2015, which is the largest automobile exhibition held in Sri Lanka.
The Seylan Colombo Motor Show is organised by Asia Exhibitions and Conventions (Pvt.) Ltd, one of the largest exhibition organisers in the country. The motor show will take place from August 20 – 23, at the Sirimavo Bandaranaike Memorial Exhibition Centre at BMICH, Colombo.
According to RMV statistics, the vehicle industry in Sri Lanka has shown significant growth and the registration of new vehicles has been on the rise for the past few of months. Introduction of new, affordable models of vehicles to the market, the benefits gained through the government taxation policies on special categories of vehicles and the reduction in fuel prices have been the driving factors for this growth.
Seylan Bank, through its innovative and aggressive approach has been able to augment its growth in leasing with the upward growth in the motor vehicle trade. They introduced the ‘Flexi Pay’ scheme to facilitate personalized leasing needs of customers. Under this scheme customers are benefited by being able to have a flexible variable repayment plan that fits with their cash flow pattern.
Further, through their recently introduced upgradable leasing scheme, customers will have the added benefit of being able to upgrade their vehicle being leased from Seylan after three years by obtaining a fresh lease up to one and a half times (150 percent) without going through the hassle of applying for a fresh lease, while also having the option of paying a low lease rental and carrying forward a final residual payment of up to 30 percent of lease value.
According to Seylan Bank Deputy General Manager Consumer Finance Delvin Pereira, “The bank is committed to promote and popularize leasing in the country in order to support the enhanced lifestyles of the community steered by increased income levels deriving out of the robust economic growth of the country. As such, unique and flexible repayment leasing solutions are introduced assessing the changing consumer needs.
The adaptability of the ‘Flexi-Pay’ and ‘upgradable’ leasing schemes has resonated well with market segments that seek personalized banking solutions and in turn helped the bank to boost its leasing port-folio by over 50 percent over the last 12 months. He further explained that the bank will have an on-location leasing booth where on-the spot vehicle financing through leasing will be facilitated.
In addition, customers will enjoy extraordinary benefits on vehicle insurance schemes where attractive discounts up to 85 percent on the basic premium will be provided through the partnership the bank has secured with its insurance partners.
Additionally, Seylan’s existing and new credit card holders will have the opportunity of obtaining vehicle insurance policies and enjoying up to 12-month 0 percent interest payment plans.
Deputy General Manager Marketing and Personal Banking Tilan Wijeyesekera stated, “Seylan Bank is extremely happy to associate with Seylan Colombo Motor Show 2015 as this year’s title sponsor with the objective of facilitating an educational and entertaining experience for automobile enthusiasts in Sri Lanka, whilst also providing a number of financial solutions at the venue including, on the spot leases with many attached benefits, personal loan assessments as well as Seylan credit card promotions to empower potential customers at the event itself.”
Seylan Colombo Motor Show 2015 will display a wide range of latest models of automobiles by the top dealers in the country, where the highlight would be the display of some of the latest models of electric and hybrid motor vehicles. A 30,000+ crowd is expected for this show and apart from the vehicle dealers the show will also attract leading automobile suppliers ranging from lubricants, accessories, paints and other vehicle solutions under one roof. In addition, the event will also host a bevy of Classic cars for the entertainment of the crowd as well as a number of other events including stunt shows to entertain the participants.