PABC offers fast, flexible leasing solutions
Pan Asia Banking Corporation PLC (PABC) understands the varied business and personal financial needs of the customer and invites you to enjoy the fast and flexible leasing solutions to match such needs regardless of you being a professional who excels or a successful businessman. The bank understands customers’ unique financial requirements and is open to discuss and design a tailor-made leasing solution which suits him/ her best. Following are the excerpts of an interview held with Pan Asia Banking Corporation PLC Head of Leasing Shiyan Perera.
Q: What are the products you offer for motor vehicle market?
To capture the vehicle finance market, we have introduced three products – leasing, hire purchase and auto loans. Leasing captures the transactions that involve value-added tax components where the VAT benefit is passed to the customer. The hire purchase product is mainly for the registered vehicles where VAT is not applicable. The auto loan is for the permit holders, mostly the professionals.
Q: What sort of a service do you offer? The quality of the service provided by Pan Asia Bank differentiates us from any other financial institution. We are faster and much friendlier. We offer doorstep service at the customer’s convenience and take only 24 hours to process the docu- ments. All our 75 branches scattered all over Sri Lanka covering important parts of the island do meet this benchmark.
Q: How would you rate the current vehicle market in Sri Lanka?
There is a serious price reduction in the vehicles including the recondition and registered. The simple reason is the issuing of tax concessions known as vehicle permits for most sectors in the government service. This has brought in vehicles at cheap price and many of the permit holders are selling those vehicles far below the benchmark prices or sometimes below the price of a registered vehicle. So, automatically, the vehicle prices come down across the board.
Q: How good are you with recoveries? Generally, financial institutions face issues with the prices coming down, especially on the resale of repossessed vehicles. This makes it difficult for most companies in get- ting the price they expect. However, Pan Asia Bank has been managing its NPA considerably well compared to competitors.
Q: Do you do debt purchasing? We also help customers to migrate from a facility extended by a competitor finance house and refinance from Pan Asia Bank at a very competitive rate. We always look at ways to assist customers with such requirements.
Q: Do you have special promotions for certain identified vehicles?
Currently we have a special promo – Monsoon Fiesta, going on with Unimo Enterprises Ltd for Perodua. The drive away price is Rs.200,000 for Viva Elite with Dual SRS Airbags, ABS with EBD, reverse sensors, power windows, power steering, PM3 player, and 14” alloy wheels. Actually this vehicle has high fuel efficiency where 20km can be driven per litre of petrol.