Central Bank issues directive to finance companies on vehicles loans

Central Bank issues directive to finance companies on vehicles loans

Central Bank issues directive to finance companies on vehicles loans

Written by Staff Writer

15 Sep, 2015 | 7:35 pm

The Monetary Board of the Central Bank has issued a direction mandating that licensed finance companies shall not grant vehicle loans in excess of 70 percent of the value of the motor vehicle.

The direction, carrying the signature of the Governor of the Central Bank Arjuna Mahendran, came into effect from midnight on Monday.

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