People’s Leasing & Finance PLC the non bank finance sector giant in Sri Lanka going from strength to strength introduced Fast Track short term loan scheme for businesses and individuals requiring urgent financial solutions. This tailor-made loan scheme is now revamped to serve PLC
Fast Track loan scheme is designed to offer fast solutions to your day-to-day financial requirements including working capital needs. Under the Fast Track loan scheme a quick sum of money could be obtained at a minimal interest for business or individual requirements such as; expanding businesses, acquiring stocks needed for businesses, modify or adding extensions to houses, agricultural needs, to purchase lands, higher education and other business and personal
Movable or immovable assets could be kept as security to obtain a Fast Track loan. The maximum limit of the loan is decided upon the value of security kept and repayment capacity of the borrower. Unlike in leasing or personal loan facilities a Fast Track loan could be tailored according to the borrower’s income. Further the customer could decide the loan settlement period according to his earnings. The total sum obtained could be settled with the due interest prior to the maximum loan period of two years without any surcharge.
Although the loan is given for a maximum of two year period, the borrower could request and renew the facility there onwards. The loan interest is calculated on only the outstanding capital thus a particular month’s payable interest becomes the due interest for that month. Lionel Fernando, DGM (Operations) PLC expressing his views on the fully fledged Fast Track loan scheme said this is a short-term loan scheme that facilitates urgent working capital needs as well as individual day-to-day needs of people.
“Fast Track loan scheme was designed keeping in mind people’s urgent financial needs. The specialty here is the opportunity offered for customers to settle the loan without being pressurized or ending up with mental stress. The full loan amount could obtained at the inception itself or it could be obtained in installments according to the customer’s requirement and repayment capacity. Also he/she is offered with the opportunity for early settlement of loan without incurring any additional charges. Fast Track loan could be obtained speedily by producing a least set of documents. Individual, joint or corporate clients could apply under Fast Track loan scheme and the interest rate is a fixed one”, said Fernando. PLC was incorporated in 1995 as a fully owned flagship subsidiary of the biggest state bank in Sri Lanka, People’s Bank, and retained the market leader position for the past 13 consecutive years.