People’s Leasing offers “Hithamithuru” financial relief scheme to uplift private bus owners

People’s Leasing & Finance PLC (People’s Leasing) recently launched “Hithamithuru” financial relief scheme. “Hithamithuru” was introduced as the Company’s contribution towards the national need to restore the private passenger transportation service that was adversely affected due to the pandemic.

People’s Leasing started its business operations in 1996 providing leasing solutions for the improvement of private passenger transportation of the country enabling a comfortable private passenger transport service to the public. However, due to the prevailing pandemic situation, most of the private passenger transport owners are financially distressed as they were not able to operate their buses for months.

In the above context, People’s Leasing launched “Hithamithuru” financial relief scheme to provide relief for the pandemic affected private passenger transport owned customers of the Company. “”Hithamithuru” scheme is offered as a payment deferral programme with concessionary interest rates. As we mark the 25th milestone of our corporate journey, it is our unique way of strengthening the financially distressed private passenger transport owned customers. We also consider it as our true corporate social responsibility towards uplifting private passenger transport owners.” stated Mr. Shamindra Marcelline, Chief Executive Officer/ General Manager of People’s Leasing.

“Due to the COVID-19 preparedness measures imposed, private passenger transport owned customers are badly affected. The various Private Passenger Transport Owners Associations repeatedly requested for some financial relief and payment deferrals. “Hithamithuru” is our customised response to their concerns. It offers a payment deferral period of 6 – 12 months. Customers are also provided the privilege to continue their rental payments at the previous repayment rate after their relief payment period.” added Mr. Damith Malavithanthila, Deputy General Manager – Recoveries & Administration.

Hithamithuru” financial relief scheme offers the following benefits.

  • A concessionary interest rate of 4% – 6%
  • A relief payment period of 6 – 12 months
  • Provision for the customers to continue their rental payments at the previous repayment rate after the relief payment period
  • Hassle free quality service by a dedicated centralised team
  • Simple and  minimal documentation
  • One day service
  • No additional charges

Representing the sentiments of the members of the Private Passenger Transport Owners Associations including the Lanka Private Bus Owners Association, Podu Jana Private Bus Professionals Association, Inter Provincial Private Bus Association and Southern Province Bus Investors Association voiced their appreciation for the “Hithamithuru” financial relief scheme.

People’s Leasing & Finance PLC is a leading Non-Bank Financial Institution in Sri Lanka and a subsidiary of People’s Bank, one of the largest State-owned banks in the country. Commencing operations in 1996 as a specialized leasing company, People’s Leasing was listed on the Colombo Stock Exchange in 2011. People’s Leasing has grown to become a diversified non-banking financial powerhouse with six subsidiaries in allied areas of specialization including a venture overseas in Bangladesh.

People’s Leasing is rated ‘A+ (lka) Outlook Stable’ by Fitch Ratings Lanka and is a listed company among the 50 leading companies in the Colombo Stock Exchange. People’s Leasing also was the seven times winner of the “Ten Best Corporate Citizens’ award presented by the Ceylon Chamber of Commerce.  The Company also was ranked the third for its Transparency in Corporate Reporting by the Transparency International. Brands Annual announced by the Brand Finance Lanka rated the Company as the highest rated brand in the Finance Sector and the Most Loved brand in the Leasing Sector. Further, the Company is recognized as the18th among the “Business Today Top – 30” Companies.

Sujeewa Rajapakse, Chairman People’s Bank and People’s Leasing & Finance PLC ( 4th from left) , Shamindra Marcelline, Chief Executive Officer /General Manager People’s Leasing & Finance PLC (3rd from right) and the Senior Management of People’s Leasing & Finance PLC at the Launch of “Hithamithuru” financial relief scheme.
‘Hithamuthuru’ Financial Relief Scheme