Question 1

What are the type of lending products available?

admin · Accepted Answer

Peoples Friendly leasing
Auto Loan
Fast Track
Housing Loan
Educational Loan
Business Loan
Self-e-cash
Quick Cash personal loan

Question 2

Why should I obtain a lease facility from PLC?

admin · Accepted Answer

Easy payment schemes and fast and friendly service through and island-wide branch network.
Minimum documentation with competitive interest rate, speedy door step service.
Facilities available to all applicants regardless of year of manufacture and loan amount ascertained on income level.
Repayment plan according to your requirement
Comprehensive vehicle insurance scheme through People’s Insurance PLC at a special premium.

Question 3

What are the type of equipment can finance?

admin · Accepted Answer

Motor Cars, Vans, Buses, Lories, Motor Jeeps, Three Wheelers, Motor Cycles, Tractors, Industry Machineries/Equipment, Agricultural Machineries/Equipment etc..

Question 4

What are the documents I have to submit when applying for a lease facility?

admin · Accepted Answer

Invoice from the person who is selling the vehicle/Equipment
Valuation from the company approved valuer.
Copy of CR ( for registered vehicle)
Proof of income of applicant and guarantors, if documents are not available we would still consider a cash flow analysis derived from discussion and onsite inspection
Copies of NICs of the applicant and the guarantors

Question 5

How soon can I get approved my facility?

admin · Accepted Answer

We are committed to finalize an application within one working day subject to all required documents being submitted.

Question 6

Who can obtain a leas facility?

admin · Accepted Answer

Any individual, partnership , limited liability company or joint applicant could obtain a facility subject to the assessment of the credit worthiness.

Question 7

Is there a down payment required to asset finance?

admin · Accepted Answer

Yes. it depends on the asset type, age of the asset, marketability of the asset and creditworthiness of the applicant etc. Please visit our website or contact hot line for more details

Question 8

Who shall I contact in order to obtain a lease facility?

admin · Accepted Answer

Please contact your nearest branch or our customer service hotline no +94 11 2 206 300 we will assist you accordingly.

Question 9

How do I get product information?

admin · Accepted Answer

There are two ways, via our website or by contacting our hotline. The quick way to do this is via our website. There, you can refer our product details, calculate your monthly rental and can send an online request in just few clicks.

Question 10

What is the repayment period?

admin · Accepted Answer

It depends on the asset type, age of the asset, marketability of the asset and credit worthiness of the applicant etc. Please visit our website or contact hot line for more details.

Question 11

What are the rates of interest?

admin · Accepted Answer

Please contact our customer service hotline no +94 11 2 206 300

Question 12

What are my payment options?

admin · Accepted Answer

You have both fixed and variable option. This depends on your income sources.

Question 13

Can the payment plan structured to meet my cash flow?

admin · Accepted Answer

Yes, this would be decided based on your cash flow analysis.

Question 14

Can I pay several rentals at once?

admin · Accepted Answer

Yes, we always encourage to pay future rental in advance . However, if you delay your monthly rentals, default fee would be added automatically.

Question 15

Can I close the facility before the maturity period?

admin · Accepted Answer

Yes, you can. You must pay the outstanding amount in full on your contract at the time you wish to terminate.

Question 16

What if I’m late or skip a payment?

admin · Accepted Answer

Default payment fee would be added for the nonpayment period. Please contact your branch recovery officer directly if you have an issue paying an installment.

Question 17

Does the asset need to be insured?

admin · Accepted Answer

Company is the legal owner of the asset. Hence, Asset financed has to be insured. Our own subsidiary People’s Insurance PLC will place the comprehensive insurance or you are free to choose your own insurance who is acceptable to us.

Question 18

What are the Eligibility criteria to open a Fixed Deposit?

admin · Accepted Answer

Individual

Any citizen of Sri Lanka or Residential Visa holder over 18 years of age, holding a valid National Identity Card (NIC) / Driving License / Valid passport.
A person holding dual citizenship.

Corporate & Other Institutions

Corporate and other Institutions registered in Sri Lanka (i.e. Partnership firms, Private and Public Limited Companies, Specified Associations, Societies, Trusts.

Question 19

What is the minimum amount required to open a Fixed Deposit?

admin · Accepted Answer

Rs.10, 000/= for maturity deposits (Interest payable at maturity)

Rs.100, 000/= for monthly deposits (Interest payable monthly)

Question 20

What are the present FD interest rates?

admin · Accepted Answer

Click below link for the present FD interest rates.

https://www.plc.lk/products/fixed-deposits-savings/fixed-deposits/

Question 21

What are the periods for deposits are accepted at present?

admin · Accepted Answer

Tenor starting from 1 month to 2,3,6,12,13,15,18,24,36,48 and 60 months in duration.

Question 22

Will Withholding Tax be deducted at source from interest?

admin · Accepted Answer

At present no any WHT deductions for Fixed Deposits.

(The above criteria is subject to changes)

Question 23

What are the documents needed to open a Fixed Deposit?

admin · Accepted Answer

For individuals:

A duly completed FD application
Individual CDD & If joint need separately
Copy of NIC / Valid Passport / Valid Driving License
If the depositor’s address differs with the NIC/DL, a utility bill or a copy of a bank statement with the current address (in the name of deposit holder) of the depositor issued within 3 months of the date of deposit.
Certified copy of Power of Attorney (If required)
Copy of nominee NIC (If required)
Apart from the passport, need a copy of the residential visa permit for foreigners (the residential visa permit should be valid for over 180 days).

For Others (Partnership firms, Private and Public Limited Companies, Specified Associations, Societies, Trusts):

Duly completed FD application
Copy of the registration of the entity
Corporate CDD form
Individual CDD forms from Directors / Authorized signatories.
Certified copies (certified by company secretary) of NIC’s of Directors / authorized signatories
Certified copies (certified by company secretary) of the resolutions / minutes confirming decision taken to place a fixed deposit with People’s Leasing & Finance PLC.
Certified copies (certified by company secretary)
Other relevant documents are should be submitted as mentioned in the application form.

Question 24

Can Minors open Fixed Deposits?

admin · Accepted Answer

<p>No.</p>

Question 25

In a case of a joint deposit if one of the holder is deceased can the surviving holder operate / withdraw the deposit?

admin · Accepted Answer

Yes. The surviving holder can withdraw the deposit.

If the operating instruction has given as either party; he/she should close and redeposit the said deposit under his/her name by submitting the death certificate of the deceased holder and the original FD certificate.

If the operating instructions given as both party; Affidavit should be submitted in addition to the above documents.

Question 26

Is there provision for Nomination for a Deposit?

admin · Accepted Answer

Yes. You can nominate any person/s as you wish. If you are nominating more than one person you should indicate each person’s share. If not, we will consider on equal share basis. The full name/s of the nominees and their identification such as NIC/PP/DL should be submitted by the depositor.

Question 27

In case of death of the deposit holder/s what is the procedure of deposit withdrawal?

admin · Accepted Answer

If nominee is available: Upon the submission of the following documents by the nominee, payment could be made to the nominee by an A/C payee cheque;

Original FD certificate
Certified copy of the death certificate of the depositor or original should be submitted.
Identification of the Nominee
Duly completed Affidavit by the nominee (Company format will provide)
Instruction letter from the nominee

If nominee not available: Any of the family member can withdraw money by submitting the following documents;

Certified copy of the death certificate of the depositor or original should be submitted
Original FD Certificate
Duly completed Affidavit (Company format will provide)
NIC copy of the Claim Party
Request letter of Claim party
Declaration from Grama Sevaka and AGA office, confirming family details
If married, Marriage certificate of deceased client
NIC Copies and Birth certificate copies of family members.
No objection letters in Affidavit format from all parties involved.

Question 28

In case of a joint Fixed Deposit who could operate the account?

admin · Accepted Answer

As per to the instructions provided in the FD Application under operating instructions,

Either Party: Any of the deposit holder can operate

Both Party: Both parties should involve for the operation

However, to change/modify the given operating instructions, the both parties should provide a consent letter.

Question 29

Can a holder of a power of attorney sign the deposit application form?

admin · Accepted Answer

Yes. At the time of opening the account the original power of attorney should be submitted.

Question 30

Why the CDD (Customer Due Diligence) form is important?

admin · Accepted Answer

In order to prevent, identity theft, identity fraud, money laundering, and terrorist financing. The Central Bank of Sri Lanka has directed all banks and financial institutions to complete a CDD form before opening a deposit. This involves verifying customer’s identity and address by requesting documents that are accepted as relevant proof.

Question 31

Will this information be confidential?

admin · Accepted Answer

Yes, under Section 61 of the Finance Business Act No 42 of 2011, strict confidentiality has to be observed by all officers of the company in respect of all customer transactions unless it is required to be disclosed by a Court of law or in compliance with any other written law.

Question 32

What will happen if I do not provide the required CDD information or documents to PLC?

admin · Accepted Answer

PLC will have the right to reject the deposit.

Question 33

Can I change the nominees?

admin · Accepted Answer

In the case of a new deposit the mandate provides provision for nomination. For all other subsequent changes, need a written confirmation from the depositor/s.

Question 34

In a case of a joint deposit could any one of the holders change the nominee?

admin · Accepted Answer

If the operating instructions given as BOTH PARTY in the application, then the both holders consent is needed. If the operating instructions given as EITHER PARTY in the application, any holder can request to change the nominee.

Question 35

When I open a deposit do I get a fixed deposit certificate?

admin · Accepted Answer

Yes, you will be given a certificate including deposit number, Date of deposit, Date of maturity, Value of deposit, Names of the depositor/s with their identity details, Mode of interest payment, Terms and conditions governing the deposit.

Question 36

What happens if I lose or misplace my FD certificate?

admin · Accepted Answer

To perform any transaction, you need the original FD certificate. In such instances you could request for a duplicate certificate with the request letter from the depositor/s, duly perfected Affidavit attested by a Notary/ JP, (A specimen of an affidavit could be obtained from the company)

Question 37

If the interest rate reduced / increased after placing the fixed deposit, is it applicable for my deposit?

admin · Accepted Answer

No. Once the deposit is placed, agreed interest will not change until the maturity of the deposit.

Question 38

If I uplift the deposit before maturity, will I get the agreed interest rate?

admin · Accepted Answer

No. Rate will be decided by the company.

Question 39

How do I deposit funds to open a fixed deposit?

admin · Accepted Answer

The deposit can be made to your nearest PLC Branch, by Cash, direct fund transfer to PLC designated People’s Bank A/C or Cheque / bank draft issued in favour of “People’s Leasing & Finance PLC O/A of xxxxxxxxx (deposit holders name)”

Question 40

Can funds be deposited from time to time as additions to the existing deposits?

admin · Accepted Answer

No. Addition payments could be made only at the date of Maturity. Alternatively, you could open a new fixed deposit.

Question 41

Can I withdraw my Fixed Deposit before maturity?

admin · Accepted Answer

Yes. You could at any given time. However, you could obtain a Self-e-cash Loan without withdrawing your deposit.

Question 42

Who is eligible to open a Senior Citizens deposit?

admin · Accepted Answer

Customers who are 60 years of age or above are eligible to obtain a PLC Senior Citizens fixed deposit.

Question 43

Can a joint deposit be opened with a Senior Citizen, where one of the Citizen deposit holder is below the qualifying (60 years) age?

admin · Accepted Answer

No, at the time of opening the deposit all joint holders must complete the age of 60 Years.

Question 44

What happens to my deposit when I reach the age of a Senior Citizen (60 years)?

admin · Accepted Answer

At the time of maturity of the deposit, automatically deposit will be converted for a senior citizen deposit.

Question 45

What other benefits are available for PLC Depositors?

admin · Accepted Answer

Loan facilities against the deposit.
Letters of guarantee (Bank Guarantees)
PLC Online Facility

Question 46

Do you pay monthly interest on deposits?

admin · Accepted Answer

Yes, interest can be paid monthly or at maturity.

Question 47

What are the modes of monthly interest payments?

admin · Accepted Answer

As per the instruction given by the depositor/s in the FD application, the interest payment can be arranged to the account designated by the deposit holder/s (E.g. PLC Savings account or other bank accounts)

Question 48

What are the modes of maturity interest payments?

admin · Accepted Answer

As per the instruction given by the depositor/s in the FD application, the interest payment can be arranged to the account designated by the deposit holder/s (E.g. PLC Savings account or other bank accounts) or by A/C payee cheque or by Cash.

Question 49

Can you pay interest to the joint depositor or a designated person?

admin · Accepted Answer

Yes, with the instructions of deposit holder/s the interest can be paid either to one of the joint holders or to a third party with a written consent of the deposit holders.

Question 50

When do you intimate the maturity of the deposit?

admin · Accepted Answer

An automated SMS is sent 3 days in advance of the maturity date.

Question 51

What is the procedure, to get my deposit renewed?

admin · Accepted Answer

In case of change the deposit period / for part withdrawal / for additional deposit, prior notice required or you may visit the nearest PLC branch on the date of maturity of the deposit with the FD certificate.If not system will be automatically renewed the deposit for the same period with the prevailing FD rates.

Question 52

If I do not respond to the notice regarding the renewal (SMS), what will happen to my deposit?

admin · Accepted Answer

On a monthly interest payment fixed Deposit, the capital will be renewed automatically with the prevailing interest rate for the same period. And, if it is a maturity deposit the capital will be renewed with the accrued interest / without accrued interest (as per to the instructions provided in the FD application) and will be renewed for the equal period at the prevailing rate.

Question 53

At maturity how can I withdraw my deposit?

admin · Accepted Answer

You have to surrender the original FD certificate duly discharged with the payment instructions. Refund could be by way of either Cash / Cheque / Remitting to a bank account of the deposit holder/s.

Question 54

Do I need to give notice of withdrawal?

admin · Accepted Answer

No. However, in a case of a withdrawal by cash (over 1 million), it is advisable to give one day notice, as there are limited cash float in the cash counters.

Question 55

Can I get a part payment, prematurely?

admin · Accepted Answer

Yes. The same procedure is applicable as for a full premature withdrawal. However, the balance deposit amount will be renewed on the date of withdrawal with prevailing rates.

Question 56

Will you allow a loan on the deposit?

admin · Accepted Answer

Yes. You are eligible to apply for a loan against your deposit. Please refer below FAQ – Self-e-cash in page 6 for more information.

Question 57

What is a Self-e-cash Loan?

admin · Accepted Answer

This is a temporary loan against the deposit that customers able to pledge their fixed deposit/s and obtain loans when they desire.

Question 58

What notice is necessary to obtain a Self-e-cash Loan?

admin · Accepted Answer

No notice is necessary.

Question 59

How much can I obtain from the Self-e-cash Loan?

admin · Accepted Answer

Ranging from 75% to 90% of the capital value according to the category of the deposit.

Question 60

What is the rate of interest chargeable for Self-e-cash Loan?

admin · Accepted Answer

Additional 3% for the contracted rate of interest will be charged. The rate of interest may change at the discretion of the company. Further, interest for the self-e-cash loan will be calculated in daily basis.

Question 61

What are the documents needed to open a Self-e-cash loan A/C?

admin · Accepted Answer

Original FD certificate
Completion of self-e-cash mandate including CDD form.
Submit filled and signed Terms and Conditions.
Submit a copy of valid NIC and in the absence of the NIC, Driving License / passport which carries the NIC number.
Submit documentary evidence for address verification, if the residential address differs from NIC or DL.
Verification of Nominee (If required)

Question 62

Can the loan be repaid in instalments?

admin · Accepted Answer

Yes. Until the Maturity of the Deposit takes place the loan can be repaid. Thereafter, as you wish the loan balance could be carried forward subject to renewal of the deposit.

However, for monthly deposits (interest payable at monthly), system will automatically deducted the accrued loan interest amount at the time of generating the monthly interest of the deposit, and balance will be credited to the customer’s account.

Question 63

Can I obtain the Self-e-cash loan via PLC online?

admin · Accepted Answer

No. Initially you should visit the nearest PLC branch to open the Self-e-cash account. But, later you can do transfers through PLC online.

Question 64

What benefits do I enjoy if I open a Savings account with PLC?

admin · Accepted Answer

A competitive higher interest rate.
Can access your account from any of our island wide network of branches.
Can access your account from any People’s Bank ATM or any other bank ATMs.
Free standing order facility.
Free PLC online facility
Provide a savings pass book.
Contactless ATM card
QR facility for Merchants

FAQ

Frequently Asked Questions

Leasing & Loans