Commercial Bank’s ‘Leasing Month’ offers special rates, insurance benefits

A range of benefits including reduced lease rentals and competitive insurance cover will be on offer to those who obtain leasing facilities from Commercial Bank, the Bank rated internationally as Sri Lanka’s best, in July 2011 — the month designated by the bank as its inaugural ‘leasing month.’

“Leases of brand new or reconditioned vehicles from the bank during the month will only cost Rs. 2,202 a month for every Rs. 100,000 representing a substantial saving to customers,” the bank announced. In addition, special insurance premiums and free accident cover will be arranged by the bank for owners of vehicles and equipment leased via the bank during the leasing month.

Commercial Bank has tied up with several leading automobile vendors to offer special packages for vehicles sold by them and leased through the bank.

To offer easier access to customers who wish to make use of the special benefits introduced for the month, Commercial Bank has also initiated a ‘leasing week’ which will be in effect from 11 - 17 July. During this period leasing facilities can be obtained by customers on all days of the week including the weekend and the Poya day on the 14 July, at several branches.

Other promotional activities supporting the leasing week and the leasing month have also been organised at branches of Commercial Bank for the convenience of customers.

“These offers together with free professional advisory services provided by the bank — the success of which are reflected in the bank’s leases having one of the lowest default rates in the industry — make leasing hassle free and easy,” Commercial Bank said. Technical computations such as “Lease versus Buy” and “Lease versus Loan” analyses are provided by the bank to its customers to assist them in their decision making.

“The leasing industry in Sri Lanka is experiencing a rapid expansion,” said Saman Kalansuriya, Chief Manager – Leasing and Factoring of Commercial Bank and a Director of the Leasing Association of Sri Lanka (LASL) who also serves on its Technical Committee. “Commercial Bank offers a range of benefits over its peers in providing leasing facilities and this timely campaign seeks to highlight these aspects.”

“Flexible payment structures designed to suit individual requirements, assistance with paperwork in importation of vehicles and machinery, an extensive branch network and banking facilities such as opening of Letters of Credit (LC) — which cannot be obtained from many other leasing service providers — are among value additions of obtaining leasing facilities through Commercial Bank,”  Kalansuriya said.

“In addition, when leasing facilities are obtained for the importation of a vehicle or machinery, the bank is able to offer specially reduced rentals, as it passes on the VAT benefits to its lessees,” he added.

Commercial Bank is one of the leading leasing service providers in the country and is a member of the Leasing Association of Sri Lanka. It provides leasing facilities for a range of assets of diverse values including re-conditioned equipment.

Established in 1969, Commercial Bank has been adjudged ‘Best Bank in Sri Lanka’ for 13 consecutive years by ‘Global Finance’ Magazine, ‘Bank of the Year’ seven times by ‘The Banker’ magazine, ‘Best Bank in Sri Lanka’ by Euromoney and the Best Bank in Sri Lanka thrice by FinanceAsia. It has also been rated ‘Best Local Trade Bank’ in Sri Lanka by the UK based ‘Trade Finance’ magazine.