Our new easy payment scheme for state sector employees to own Bajaj motorcycles will make other financial institutions to have second thoughts about their terms of leasing, Pradeep Gunawardena, Chairman, Sri Lanka State Trading (General) Corporation (STC) said yesterday at the Kingsbury Hotel

"The Upahara mobile connectivity package introduced by the STC and Sri Lanka Telecom Mobitel compelled mobile service providers in the country to sacrifice a sizeable slice of their profit margin and make telephone costs affordable for the general public. This new scheme will be another game changer for terms of leasing."

Gunawardena said so while briefing the media on the easy payment scheme introduced by the STC in collaboration with David Pieris Motor Company Ltd. for state sector employees to purchase Bajaj motorcycles at an interest rate of 12% among other benefits.

"There was a time the average users of mobile phone connectivity in Sri Lanka had to pay Rs.10 for an outgoing call, and Rs.7-8 for an incoming call. The game-changing Upahara package which was introduced by Sri Lanka State Trading (General) Corporation (STC) in collaboration with Sri Lanka Telecom Mobitel compelled other mobile service providers to narrow their profit margin, and sell these services at a reasonable rate bringing mobile telephony within reach of hundreds of thousands of subscribers."

"STC is a commercial establishment of the government which has become a big headache for the rivals in the private sector as we are competing with them strongly in all business aspects. However, being a government institution, it’s not easy to compete with them. You need to think on your feet what your next move is going to be. That’s why we have streamlined the decision making process for it to be less cumbersome and more effective".

"Not only are our interest rates competitive in this easy payment scheme, but also our documentation charges in this process are much less than elsewhere. The Bajaj motorcycles leased under this scheme will get a discount of Rs.2,500. "An insurance cover with a 30% discount is offered in the deal along with two services for free. When one has got the documentation in order, this leasing facility will be arranged as swiftly as possible," he said.

Responding to a question from the media if the facility would be extended to the private sector in the future, Pradeep Gunawardena announced, "Well, this is a decision we’ve arrived at right here. If employees of any media organization can submit us relevant documents, and your accountant sends us an official letter guaranteeing monthly remittances in favour of the purchase deal, you can also make use of this special facility," (Courtesy: Island.lk)