DFCC Bank launches new ‘Auto Loan’ scheme

CEYLON TODAY | Published: 2:00 AM Oct 19 2021
FT DFCC Bank launches new ‘Auto Loan’ scheme

In its latest step to drive economic and social value creation, DFCC Bank, the pioneer in commercial banking, announced the launch of the ‘DFCC Auto Loan’ facility, an innovative vehicle loan scheme that enables greater affordability for consumers interested in purchasing automobiles. The new DFCC Auto loan initiative introduces loan facilities of up to LKR 10 million, with an extended payment period. The facility provides the borrower with leverage to afford a vehicle of their choice, through a structured repayment plan, inclusive of a residual value. 

It also includes an embedded rollover option that enables the client to continue the loan for an extra few years without settling the residual at the end of the loan period subject to a maximum overall tenure of eight years. The borrower thereby receives the option of settling the residual by disposing the current vehicle and obtaining a fresh loan for a new vehicle, instead. The prime goal of the loan scheme is to enable customers to buy their dream vehicle, through an affordable monthly instalment plan with reduced risk and an increased loan period. 

The loan facility will be applicable only for all cars, vans, SUVs and double cabs that customers choose to purchase. DFCC Bank firmly believes that it is of paramount importance to enhance the affordability of vehicles as a path towards uplifting the standard of living, while securing economic growth and the financial stability of its customers. The lack of access to affordable customer-centric loan facilities, and severely restricted cash flows due to stagnant economic conditions in light of the pandemic, have proved to be a significant hurdle in the path of economic development. 

Having noted the existing economic issues faced by customers, DFCC Bank’s ‘Auto Loan’ scheme, which extends to a significant portion of society, stands to have notable positive outcomes for all stakeholders involved. Commenting on the launch of the Bank’s latest innovative loan scheme, DFCC Bank CEO Lakshman Silva stated, “The new ‘Auto Loan’ scheme holds the potential of breathing life to and revolutionising the vehicle market in Sri Lanka, by providing a previously unseen level of affordability. 

We are delighted to once again contribute to driving economic inclusivity by creating a pathway through which a larger cross-section of society may be able to afford and purchase their dream vehicles. The ‘Auto Loan’ initiative is yet another step forward in DFCC Bank’s journey to secure economic resilience with socioeconomic benefits for all stakeholders, aligned with the Bank’s long-term sustainability strategy.”

CEYLON TODAY | Published: 2:00 AM Oct 19 2021

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