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Frequently Asked Questions (FAQ)
Let us help you by answering the frequently asked questions below.
What are your fixed deposit rates?
Click here to view our rates.
What are the types & rates of Savings Accounts?
Click here to view the Types & Rates of Savings Accounts.
What is leasing and how does it work?
Leasing is simple, yet easily misunderstood, making consumers often skeptical and afraid of using leasing facilities. It is sometimes thought to be a kind of cheap "rent-to-own" scheme designed to separate people from their money. Some "experts" endeavor to advise against leasing, saying ".......... it's all a scam."
However, leasing is a respected financial concept that has been used in the business world as an effective method of financing buildings, equipment, and vehicles for well over 70 years, - although it is a relatively new idea to consumers, who are still learning about it. There have certainly been cases in which lack of knowledge has led to fraud.
As with any transaction, the key to intelligent auto leasing is gaining an understanding of the process. You should take the time to prepare yourself before making a decision.
Without a basic understanding of leasing concepts, and getting the best deal, knowing how payments are figured; you expose yourself to the real possibility of making serious mistakes, significantly overpaying, or worse, being cheated.
You shouldn't consider leasing unless you have an understanding of these important fundamentals.
Finance leasing is a simple and easy method of acquiring assets of any description, - office equipment, plant and machinery and motor vehicles. It is a scheme designed to make the payment for the asset acquired easy on the user. Basically, it is intended that the user takes custody of the assets and uses it to generate income which is then used to pay for the equipment through periodic payments termed rentals.
In finance leasing, the leasing company pays the supplier or dealer for the machine or motor vehicle. The leasing company will then hand over the machine or motor vehicle to you on receipt of a down payment from you. You commence using it and continue using it while making payment of an agreed fixed amount each month to the leasing company during an agreed number of months, - usually 48 months.
How long can a lease last?
Any period between 6 and 60 months.
Can anyone take out a lease?
Yes, Those with their own business with a proven track record or if you are well employed at a salary in excess of Rs. 20000/=, you can take out a lease.
How much does it cost?
The rental will depend on the amount leased and the period. Click here to view details.
Who completes the documentation?
A member of staff of Senkadagala Finance PLC will be glad to help you by completing the documentation with you.
Can I take a loan?
Click here to view detailed information on our many loan schemes.