The strengthening of the rupee led to the removal of restrictions on opening of Letter of Credit (LCs) for importation of motor vehicles under permits on concessionary terms from May 1, 2019. Although many financial entities compete for this segment of the business, Pan Asia Bank empowers permit holder to make the most of their vehicle permit privilege, says the Bank’s Senior Manager, Trade Services, Indika Liyanage.
Q: What are the clear advantages that Pan Asia Bank holds while staking claim as the best choice for vehicle permit holder to do business with?
A: The Bank has extensive experience in assisting vehicle permit holders with a streamlined and hassle-free vehicle import process. More importantly, a majority of the leading vehicle importers do their banking transactions with us, which means they will direct their customers to us in any case when it comes to the vehicle financing. In addition, Pan Asia Bank offers superior customer service which is appreciated by permit holders, who are more often than not high ranking government officials and senior professionals used to superior service standards. Moreover, the transparency and ethical reputation of the Bank goes a long way in positioning us at the forefront of the vehicle permit business.
Q: What are the unique selling points of you trade financing service for vehicle permit holders?
A: Considering the liquidity squeeze in the market due to weaker general economic performance, we have made generous allowances. Vehicle permit holders need not keep margin (Nil Margin) to open the LC, while the payment can be made after the vehicle arrives. This gives our customers enough breathing space to make arrangements for the funds. More importantly, we issue LCs in the shortest possible time and with minimum documentation, which is a huge advantage for customers, so that they can expedite the vehicle importation. Further, Pan Asia Bank offers extremely attractive commission and competitive exchange rates which helps customers save more on their final cost.
Our customer service does not end there. Customers can also enjoy leasing options for the vehicles they import, with flexible repayment options to suit their inflow of funds. Adding further value, they are also eligible to receive a Pan Asia Bank Credit Card with no joining fee, with the first year annual fee waived off.
Q: How easy is it for vehicle permit holding customers to access these services?
A: Pan Asia is a customer-centric bank and our 85 branches are located in easily accessible locations around the country. We offer this trade finance service from all our branches, so that permit holders can visit the branch of their choice and conduct the transaction. Going a step further, our field staff even visits permit holders at their doorstep to complete the process for them. Very often, these professionals lead busy lives and do not have much time to spare, so our staff helps them to complete and submit the application to open an LC in a speedy and smooth manner. The Bank can even make arrangements for a clearing agent’s services to assist the customer further, in addition to comprehensive insurance solutions.
Q: How has Pan Asia Bank managed to garner a large base of vehicle permit holders?
A: There is no requirement of placing margin at the time of opening the LCs for permit holders, which is a clear advantage for them. Of course, the customer’s credit-worthiness is evaluated. Moreover, the Bank offers attractively low commission and exchange rates, which is a boon in the climate of rupee volatility in recent times. Customers can even book forward exchange rates if they so wish. At the same time, these advantages we pass on to the customer fall within the ambit of the rules laid down by the regulator, so our customers have peace of mind that all their paperwork is in order. Once our customers are onboard, they realize the attractive leasing rates and easy payment options they can avail of, not to mention personal loans and other products and services for a one-stop shop experience to complete all their financial transactions at Pan Asia Bank.
Q: What are the other services that attract customers to Pan Asia Bank?
A: When it comes to trade finance, we have a dynamic and experienced Trade Finance team than handles many types of import Letter of Credits, letter of guarantees, all types of import payment methods, export bill purchase, collections and pre-shipment and post shipment financing, advisory service on international trade financing and loans. We have a full-fledged trade finance service coupled with a personalized approach to customer service that discerns needs of each customer and serves them accordingly.
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