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| Thursday, 27 January 2005 |
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Nations Trust to build Leasing Portfolio Nations Trust Bank (NTB) has launched leasing operations with its new and innovative product 'Nations Leasing'. The product is intended to provide the most satisfying experience with fast and hassle-free processing ensuring a minimum turnaround time. Flexible down payment options are on offer with financing extended up to 100 per cent on the purchase value of new passenger vehicles and repayment instalments spread over 36 to 60 months at very competitive and affordable interest rates. Attractive schemes are also available for used vehicles and leasing of items such as machinery will be assessed on a 'case by case' basis. 'Nations Leasing' would mainly target three segments; namely, the salaried and self employed Individuals, SMEs and Corporate customers. Individual applicants should have been permanent employees at their present jobs for at least six months, drawing a minimum monthly remuneration of Rs.40,000. They should be between 18 and 55 years. A maximum of 60 per cent of the monthly income would be considered for the lease rental. Those self employed, should have been in business for at least three years, with a minimum income of Rs.40,000 per month, and be capable of forwarding documentary evidence such as bank statements. The electronic delivery channels that the Bank possesses in terms of ATMs, Phone Banking, Internet Banking and SMS Banking will further facilitate this product as payment of rentals and other information will be enabled through these channels. This will mean that customers need not call over at the branch office at which the leasing agreement was initiated, but could also transact at any other Branch location or through electronic channels instead. An innovative structure has been set up where the processing activity associated with the leases has been outsourced to Mercantile Leasing Ltd (MLL) whilst the Bank will retain ownership of the leased assets. The valuable industry insights that MLL possesses will combine with the funding and financial hedging expertise and resources of NTB to provide customers with a leasing proposition that is hard to beat. |
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