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Vehicles over one year after first registration to get 80% loan facility: CBSL

27 February 2021 03:26 pm - 3     - {{hitsCtrl.values.hits}}

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The Central Bank of Sri Lanka (CBSL) had directed Non-bank Financial Institutions to grant loan facilities up to 80% for registered vehicles that have been used locally for more than a year after first registration.

Supervision of Non-bank Financial Institutions, CBSL Director J.D.S.J. Nanayakkara said notice was issued following the amendments to directions on loan to value ratios for credit facilities granted for motor vehicles on February 17, under section 34 of the Finance Leasing Act, No.56 of 2000. 

Accordingly, the CBSL issues directions for implementation of loan to value ratios on credit facilities granted by Specialized Leasing Companies (SLCs) for the purchase or utilization of motor vehicles. 

Earlier, (April 2020), the CBSL said a loan could only be given up to 70% for a car that was used for more than a year in Sri Lanka, and 90% for a car that was used lesser than a year.

However, the vehicle imports have been suspended since March 19, 2020, and continue till date. (Chaturanga Samarawickrama)

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  Comments - 3

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  • vithura Saturday, 27 February 2021 06:58 PM

    What a lopsided decision! In year one a vehicle depreciates up to 35% in value and by year three it loses more than two thirds of its value!! No wonder we are in such a financial mess! Private banks will certainly be much wiser!

    Dee Saturday, 27 February 2021 08:45 PM

    You really don't know how the vehicle market operates in SL. Do you actually own a vehicle?

    Truth Saturday, 27 February 2021 07:22 PM

    No use vehicle prices are over the roof. Aqua was 28 now 42


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