CBSL Revises Vehicle Loan Limits

The Central Bank of Sri Lanka has taken steps to revise the percentage of loan facilities provided based on the value of vehicles.

This revision applies to vehicles that are unregistered and have been in use for less than a year after first registration.

According to the new amendments, vehicles used for commercial purposes can obtain a loan limit of 80 percent of the value of vehicles.

This also includes light lorries and other lorry categories, passenger transport vehicles, two-wheeled tractors or trailers, vehicles used for agricultural purposes, and vehicles used for special requirements such as construction.

A loan limit of 60 percent of its value can be obtained for motor vehicles, SUVs and vans.

A loan limit of 50 percent of its value has also been provided for three-wheelers.

The amendments issued by the Central Bank state that a loan limit of 70 percent of its value can be obtained for other vehicles.

This category includes motorbikes that exceed an engine capacity of 100 and below.

The Central Bank of Sri Lanka announced the loan facilities provided according to the value of vehicles in the year 2020.

Accordingly, a loan limit of 50 percent was given for motor vehicles, SUVs and vans, and this time it has been increased by 10 percent.

The loan limit of 25 percent given for three-wheelers, has been increased by 25 percent this time.