Thursday, 1 August 2013 01:24
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Pan Asia Bank understands the varied business and personal financial needs of customers and invites you to enjoy fast and flexible leasing solutions to match such needs, regardless of whether you are 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 a customer best. Following are the excerpts of an interview held with Pan Asia Banking Corporation PLC Head of Leasing Shiyan Perera:
By Ashwin HemmathagamaQ: What are the products you offer for motor vehicle market?
A: To capture the vehicle finance market we have introduced three products – leasing, hire purchase, and the auto loans. Leasing captures the transactions that involves value added tax component where the VAT benefit is passed to the customer. The hire purchase product is mainly for the registered vehicles where VAT is not applicable. Auto loan is for permit holders, mostly professionals.
Q: What sort of a service do you offer?
A: 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 documents. All our 75 branches which are scattered all over Sri Lanka covering important parts of the island meet this benchmark.
Q: How would you rate the current vehicle market in Sri Lanka?
A: There is a serious price reduction of vehicles including reconditioned and the registered vehicles. 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 for far below the benchmark prices or sometimes below the price of a registered vehicle. So automatically vehicle prices come down across the board.
Q: How good are you with recoveries?
A: Generally financial institutions face issues with the prices coming down, especially on the re-sale of repossessed vehicles. This makes it difficult for most companies in getting the price they expect. However, Pan Asia Bank has been managing its NPA considerably well compared to competitors.
Q: Do you do debt purchasing?
A: 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 specific vehicles?
A: Currently we have a special promo – Monsoon Fiesta – going on with Unimo Enterprises Ltd. for the Perodua. The drive away price is Rs. 200,000 for a Viva Elite with dual SRS airbags, ABS with EBD, reverse sensors, power windows, power steering, PM3 player and 14” alloy wheels. This vehicle has high fuel efficiency where 20km can be driven per litre of petrol.
