Frequently Asked Questions

CF Select

Q.

Can I order a vehicle of my choice?

A.

Yes you can.

Q.

Do you give a warranty on your vehicles?

A.

Yes we give a 6 month or 25,000 km warranty. The vehicle will also have the Japanese Automobile Association Inspection Certificate to ensure high quality.

Q.

Do you provide financing?

A.

Yes we do up to 80% of the price.

Q.

How long will it take to import a vehicle from Japan?

A.

Approximately 4 - 6 weeks.

CF Budget Hire

Q.

What is CF Budget Hire?

A.

Self drive cars on daily rental.( Maruti 800 for Rs.1450/- & Alto 800 for Rs.2,250/- per day inclusive of Taxes)

Q.

What type of cars do you have?

A.

A fleet of Maruti 800cc & Alto 800 with Manual Transmission, with Air Conditioning and Radio/Cassette are available for you to select from.

Q.

From where do I get a car?

A.

Simply walk into our offices Located in Colombo, Kandy (Head office or Show rooms, 254, Katugastota Road), Nuwara Eliya, Badulla, Panadura, Galle, Jaffna or Anuradhapura and sign up for one and drive a car away.

Q. What documents would the Company need from me ?
A.
These are the requirements for individual customers and different arrangements are
available for corporate clients.

New Customers 1. National Identity
Card/Valid Passport
2. Driving License
3. Proof of Residence a.) Electricity Bill (within
     last 03 months)
     or
b.) Water Bill (within last
     03 months)
     or
c.) SLT Telephone Bill (within  last
     03 months)
     or
d.) Credit Card Statement (within
     last 03 months).
4. Proof of Employment/Income a.) Office Identity Card
     or
b.) Letter from employer on a
     company letterhead confirming
     your employment.
     or
c.) If self employed, housewives
     or pensioners -a copy of recent
     current account statement or
     copy of updated savings
     passbook.
5. Refundable deposit a.) Rs. 7,500/- if all above
     requirements are satisfied.
b.) Additional deposit of
     Rs.15,000/-if no billing proof
     is available.
c.) Refundable deposit not required for CF fixed deposit holders.
Repeat Customer
(who come back within 01 Year)
1. National Identity
    Card/Valid Passport
2. Driving License
3. Refundable deposit a.) Rs. 7,500/-
b.) Refundable deposit not required for CF fixed deposit holders.
Foreign Nationals who are staying in Hotels 1. Passport with Visa valid until
    intended period of hire is over.
2. International Driving License or
    the driving license validated by
    the Automobile Association of
    Sri Lanka
3. Proof of stay a.) Details of the hotel you are
     staying in
b.) Details of travel agent.
c.) Travel itinerary if available.
4. Refundable deposit a.) Rs. 20,000/-

Q.

What are the other important facts a CF Budget Hire car hirer should know?

A.

 

CF Budget Hire cars are issued strictly on availability. Prior reservations cannot be accommodated

If you hold an International Driving Permit / License, you need to obtain a driving permit/recognition permit from the Automobile Association of Ceylon. If you do not have an International Driving License, but a license from a Country other than Sri Lanka, you need to obtain a Temporary Driving License from the Registrar of Motor Vehicles - Sri Lanka. Using a vehicle without a valid driving license/permit is against local driving regulations and also breaches insurance policy conditions, leaving you exposed to any claim for damages as a result of an accident. If you need assistance on this matter please contact us.

You are not permitted to lend the vehicle to any other person - or use it for learning purposes. A fine of Rs. 20,000/- will be levied if you use the car with a 'L'(leaner) board. The car will be withdrawn and CF will not hire a car to you thereafter.

A day is calculated 24 hours from 10.00 a.m.An additional hour of use will be billed at the rate of Rs.115/- (inclusive of taxes). If you return the car after 3.00 p.m. on any day, we will levy a full days' hire charge.

We are open from Monday to Friday from 8.30 a.m. to 5.00 p.m. except on mercantile holidays/ special holidays declared by Central Finance Company PLC.

Hire charges have to be paid up-front along with the refundable deposit. Only cash and credit card payments are accepted which should be paid to the cashier. If you wish to extend the hire facility for a further period, payment should be made upfront for the intended number of days hired. We will take immediate action to recover our vehicle and dues if you fall into arrears over 24 hours.

Running limit - 100 kilometers a day. Additional mileage charges are Rs.11/50 for Maruti 800 & Rs. 13/80 for Alto 800 per Km and will be added to your bill.

'Full tank to full tank policy' - We will hand over a 'Budget Hire' car with a full tank of Petrol. Please ensure you return the car with a full tank, filled from a petrol shed close to the Central Finance office from where you hired the car.

The car will be handed over in a clean state - please ensure you return the vehicle in a similar condition.

Do not load the vehicle beyond the maximum weight of 500kgs.

All 'CF Budget Hire' cars are insured comprehensively. This includes Personal Accident Benefit (PAB) to driver up to a limit of Rs. 15,000/-. Three passengers are insured up to a limit of Rs. 15,000/- per person. If you require any extra covers please inform us.

CF Whizz

Q.

What is CF Whizz ?

A.

Self drive cars on a daily rental for Rs. 2,589/- inclusive of taxes.

Q.

What type of cars do you have ?

A.

A fleet of Suzuki A Star (Full Option) with Automatic Transmission, Air conditioning and Radio/cassette is available for you to select from.

Q.

From where do I get a car ?

A.

Simply walk into our offices situated in Colombo and Kandy (Head office or Show rooms, 254, Katugastota Road), sign up and take a car away.

Q.

What documents would the Company need from me ?

A.

These are the requirements for individual customers and different arrangements are available for corporate clients.

New Customers 1. National Identity
Card/Valid Passport
2. Driving License
3. Proof of Residence a.) Electricity Bill (within
     last 03 months)
     or
b.) Water Bill (within last
     03 months)
     or
c.) SLT Telephone Bill (within  last
     03 months)
     or
d.) Credit Card Statement (within
     last 03 months).
4. Proof of Employment/Income a.) Office Identity Card
     or
b.) Letter from employer on a
     company letterhead confirming
     your employment.
     or
c.) If self employed, housewives
     or pensioners -a copy of recent
     current account statement or
     copy of updated savings
     passbook.
5. Refundable deposit a.) Rs. 7,500/- if all above
     requirements are satisfied.
b.) Additional deposit of
     Rs.15,000/-if no billing proof
     is available.
c.) Refundable deposit not required for CF fixed deposit holders.
Repeat Customer
(who come back within 01 Year)
1. National Identity
    Card/Valid Passport
2. Driving License
3. Refundable deposit a.) Rs. 7,500/-
b.) Refundable deposit not required for CF fixed deposit holders.
Foreign Nationals who are staying in Hotels 1. Passport with Visa valid until
    intended period of hire is over.
2. International Driving License or
    the driving license validated by
    the Automobile Association of
    Sri Lanka
3. Proof of stay a.) Details of the hotel you are
     staying in
b.) Details of travel agent.
c.) Travel itinerary if available.
4. Refundable deposit a.) Rs. 20,000/-

Q.

What are the other important facts a CF Whizz car hirer should know?

A.

CF Whizz cars are issued strictly on availability. Prior reservations cannot be accommodated.

If you hold an International Driving Permit / License, you need to obtain a driving permit /recognition permit from the Automobile Association of Ceylon. If you do not have an International Driving License, but a license from a Country other than SriLanka, you need to obtain a Temporary Driving License from the Registrar of Motor Vehicles - Sri Lanka. Using a vehicle without a valid driving license / permit is against local driving regulations and also breaches insurance policy conditions, leaving you exposed to any claim for damages as a result of an accident. If you need assistance on this matter please contact us.

You are not permitted to lend the vehicle to any other person - or use it for learning purposes. A fine of Rs. 20,000/- will be levied if you use the car with a 'L'(leaner) board. The car will be withdrawn and CF will not hire a car to you thereafter.

The daily hire charge is Rs. 2,589/- ( inclusive of taxes). A day is calculated 24 hours from the time you obtain the car. An additional hour of use will be billed at the rate of Rs. 230/- (inclusive of taxes)

We are open from Monday to Friday from 8.30 a.m. to 5.00 p.m. except on mercantile holidays / special holidays declared by Central Finance Company PLC.

Hire charges have to be paid upfront along with a refundable deposit. Only cash and credit card payments are accepted, which should be paid to the cashier. If you wish to extend the hire facility for a further period, payment should be made upfront for the intended number of days hired. We will take immediate action to recover our vehicle and dues if you fall into arrears of over 24 hours.

Running limit - 80 km a day. Additional mileage charge will be Rs. 13/80 (inclusive of taxes) and will be added to your bill.

'Full tank to full tank policy' - we will hand over a CF Whizz car with a full tank of Petrol. Please ensure you return the car with a full tank, filled from a petrol shed closer to the Central Finance office from where you hired the car.

The car will be handed over in a clean state - please ensure you return the vehicle in a similar condition.

Do not load the vehicle beyond the maximum weight of 500kgs.

All 'CF Whizz' cars are insured comprehensively. This includes Personal Accident Benefit (PAB) to driver up to a limit of Rs. 15,000/-. Three passengers are insured up to a limit of Rs. 15,000/- per person. If you require any extra covers please inform us

CF Short Hire

Q.

What is CF Short Hire ?

A.

Self drive cars available on a daily rental, at varied prices depending on the make and model of car available.

Q.

What type of cars do you have ?

A.

A fleet of Nissan N16 at Rs, 2,620/- (inclusive of taxes) , Toyota Corolla at Rs. 2,905/- (inclusive of taxes),Toyota Allion at Rs.5,600/- (inclusive of taxes)l with Air conditioning and Radio/cassette are available for you to select from.

Q.

From where do I get a car?

A.

Simply walk into our City Office situated at 270, Vauxhall Street, Colombo 02 and meet the officers handling CF Short Hire, sign up and drive a car away.

Q.

What documents would the Company need from me?

A.

These are the requirements for individual customers and different arrangements are available for corporate clients . .

New Customers 1. National Identity
Card/Valid Passport
2. Driving License
3. Proof of Residence a.) Electricity Bill (within
     last 03 months)
     or
b.) Water Bill (within last
     03 months)
     or
c.) SLT Telephone Bill (within  last
     03 months)
     or
d.) Credit Card Statement (within
     last 03 months).
4. Proof of Employment/Income a.) Office Identity Card
     or
b.) Letter from employer on a
     company letterhead confirming
     your employment.
     or
c.) If self employed, housewives
     or pensioners -a copy of recent
     current account statement or
     copy of updated savings
     passbook.
5. Refundable deposit a.) Rs. 7,500/- if all above
     requirements are satisfied.
b.) Additional deposit of
     Rs.15,000/-if no billing proof
     is available.
c.) Refundable deposit not required for CF fixed deposit holders.
Repeat Customer
(who come back within 01 Year)
1. National Identity
    Card/Valid Passport
2. Driving License
3. Refundable deposit a.) Rs. 7,500/-
b.) Refundable deposit not required for CF fixed deposit holders.
Foreign Nationals who are staying in Hotels 1. Passport with Visa valid until
    intended period of hire is over.
2. International Driving License or
    the driving license validated by
    the Automobile Association of
    Sri Lanka
3. Proof of stay a.) Details of the hotel you are
     staying in
b.) Details of travel agent.
c.) Travel itinerary if available.
4. Refundable deposit a.) Rs. 20,000/-

Q.

What are the other important facts a short hirer should know?

A.

If you hold an International Driving Permit / License, you need to obtain a driving permit /recognition permit from the Automobile Association of Ceylon. If you do not have an International Driving License, but a license from a Country other than Sri Lanka, you need to obtain a Temporary Driving License from the Registrar of Motor Vehicles - Sri Lanka. Using a vehicle without a valid driving license / permit is against local driving regulations and also breaches insurance policy conditions, leaving you exposed to any claim for damages as a result of an accident. If you need assistance on this matter please contact us.

You are not permitted to lend the vehicle to any other person - or use it for learning purposes. A fine of Rs. 20,000/- will be levied if you use the car with a 'L' (leaner) board. The car will be withdrawn and CF will not hire a car to you thereafter.

We are open from Monday to Friday from 8.30 a.m. to 5.00 p.m. except on mercantile holidays / special holidays declared by Central Finance Company PLC.

Hire charges have to be paid upfront along with a refundable deposit. Only cash and credit card payments are accepted, which should be paid to the cashier. If you wish to extend the hire facility for a further period, payment should be made upfront for the intended number of days hired. We will take immediate action to recover our vehicle and dues if you fall into arrears for of over 24 hours

Running limit - 80 km a day. Additional mileage charge will be Rs.13/80 (inclusive of taxes) and will be added to your bill.

Please ensure you return the car with a same level of full tank, filled from a petrol shed closer to the Central Finance office from where you hired the car.

The car will be handed over in a clean state - please ensure you return the vehicle in a similar condition.

All our short hire cars are insured comprehensively. This includes Personal Accident Benefit (PAB) to driver up to a limit of Rs. 15,000/-. Three passengers are insured up to a limit of Rs. 15,000/- per person. If you require any extra covers please inform us.

Fixed Deposits

Q.

What are the Eligibility criteria to open a Fixed Deposit?

A.

A citizen of Sri Lanka above 18 years of age holding a valid National Identity Card (NIC) / valid Passport or Driving License.

A Sri Lankan citizen residing temporarily outside Sri Lanka.

A person holding dual citizenship.

Non-resident who prossesses a resident visa.

Q.

Other than an individual who else could open a Fixed Deposit?

A.

Term Deposit Accounts can be opened by Individuals singly or jointly and in addition it could be opened by Partnership firms, Private and Public Limited Companies, Specified Associations, Societies, Trusts.

Q.

Can individuals open joint Fixed Deposit?

A.

Yes, Deposit accounts can be opened by an individual in his own name or by more than one individual in their own names.

Q.

In case of a jointly held fixed Deposit who could operate the account

A.

Operation of Joint Accounts - The Joint Account opened by more than one individual can be operated by a single joint holder if the joint holders have agreed in the mandate under operating instructions (EITHER PARTY OPERATION). If not, by more than one individual/jointly as specified in the mandate. The change for operating instructions can be modified only with the consent of the joint account holders.

Q.

I am a Sri Lankan citizen residing outside of Sri Lanka,How can I open an account?

A.

You can forward the relevant scanned documents through e-mail and funds could be transferred to one of our designated bank account in Sri Lanka. The original documents will have to be submitted to us subsequently.

Q.

Can a holder of a power of attorney sign the deposit application form?

A.

Yes. At the time of opening the account the original power of attorney should be submitted along the copy.

Q.

What are the documents needed to open a Fixed Deposit?

A.

For individuals – A duly completed Deposit application, copy of NIC/copy of valid passport/copy of driving license, if the depositors address differs from the NIC a utility bill or a copy of a bank statement with the current address of the depositor issued within 3 months of the date of deposit and a KYC form (Know Your Customer)

For Others (Partnership firms, Private and Public Limited Companies, Specified Associations, Societies, Trusts) Duly completed Deposit application, copy of the registration of the entity, KYC form of the entity, Copies of NIC’s of Directors/Authorized signatories and their individuals KYC forms, resolutions/ minutes confirming decision taken to place a fixed deposit with CF. Other relevant documents are to be obtained as mentioned in the application form.

Q.

Why is the KYC form important?

A.

Know Your Customer Form - In order to prevent identity theft, identity fraud, money laundering, terrorist financing. The Central Bank of Sri Lanka has directed all banks and financial institutions to complete a KYC form before opening an account.This involves verifying customer,s identity and address by requesting documents that are accepted as relevant proof .
Mandatory details required under KYC Forms are proof of identity and proof of address, NIC,valid Passport, or Drivers' Licence are accepted as proof of identity. proof of residence can be by way of electricity or telephone bill or a letter from the Employer or any recognized public authority certifying the address.

Q.

Will this information be confidential?

A.

Yes, under Section 61 of the Finance Business Act No 42 of 2011, strict confidentiality has to be observed by all officers of the company in respect of all customer transactions unless it is required to be disclosed by a Court of law or in compliance with any other written law.

Q.

What will happen if you do not provide the required KYC information or documents to CF?

A.

A. Central Finance will have the right to reject the deposit.

Q.

Is there provision for Nomination for a Deposit?

A.

Yes. You can nominate any person/s as you wish. If you are nominating more than one person you should indicate each persons share. If not we will consider on equal share basis. The full name/s of the nominees and their identification numbers such as NIC/PP/DL should be submitted by the depositor.

Q.

Can I change the nominees?

A.

Yes, during the active period of the deposit you could change your nominees as you wish. At the time of registration of the new nominees the previous nomination will be automatically cancelled.

Q.

How can I make a nomination?

A.

In the case of a new deposit the mandate provides provision for nomination. For all other subsequent changes we need a written confirmation from the depositor/s. For subsequent changes you could obtain a nomination form from the company.

Q.

In a case of a joint account could any one of the joint holders change the nominee?

A.

No. In a joint account all joint holders consent is necessary to change the nomination.

Q.

In a case of a joint account if one of the joint holders are deceased can the surviving holder/s operate the account?

A.

Yes. The surviving holder/s can operate the account without the consent of the nominee. Nominee will come in to effect only in the event of demise of all depositors.

Q.

What happens in the case of the death of a depositor? How will the payment be made?

A.

Upon the submission of the following documents by the nominee, payment or transfer could be made to the nominee;

Deposit certificate

Certified copy of the death certificate of the depositor

Identification of the Nominee

Duly completed Affidavit by the nominee

Instructions letter from the nominee

Q.

When I open an account do I get a fixed deposit certificate?

A.

Yes, you will be given a certificate with the following information. Deposit account number, Date of deposit, Date of maturity, Value of deposit, Names of the depositor/s with their identity details, Mode of interest payment, Gross maturity value and Terms and conditions governing the deposit.

Q.

What happens if I lose or misplace my certificate?

A.

To perform any transaction you need have the certificate. In such instances you could request for a duplicate certificate with the following documents. Request letter from the depositor/s, Duly perfected Affidavit attested by a Notary/ JP, (A specimen of an affidavit could be obtained from the company)

Q.

What are the present rates of interest?

A.

Click here for the present rates of interest.

Q.

What happens if the interest rate changes during the contracted deposit period?

A.

There will be no change to the terms since, we are contracted to the rate until its maturity as per current rules.

Q.

What are the periods for which deposits are accepted at present?

A.

1, 3, 6, 9, 12 Months, 18 Months, 24 Months 36 Months 48 and 60 Months.

Q.

Can I make a fixed deposit for a specific period, apart from the traditional fixed periods?

A.

Yes. You could make a deposit for a period of 90 days to 1825 days (3 Months to 60 Months) under "CF optima" scheme. This enables you to make an investment, which would mature on a specific date of your choice.

Q.

Can I obtain interest up-front on fixed deposits as done in the case of Treasury bills?

A.

Yes. "CF Ultra" provides this facility

Q.

Can I make a deposit for a short period?

A.

Yes. You could make a fixed deposit for a minimum period of one month or if it Is less than one month you could open a Savings account.

Q.

How do make payment for the deposit?

A.

The deposit can be made to your nearest Central Finance Branch, by means of Cash; fund transfer directly to a CF designated Bank account or Cheque/ bank draft issued in favour of "Central Finance Company PLC"

Q.

Can funds be deposited from time to time as additions to the existing deposits?

A.

Additions/part payments could be made only at the date of Maturity. Alternatively, you could open a new deposit account.

Q.

Can deposits be made by way of cheques issued favouring the depositor or third party and endorsed in favour of CF?

B.

Cheques favouring a third party (not the depositor) are not accepted. However, uncrossed cheques drawn in favour of the depositor could be accepted. All deposits made by cheques are subject to realization of the proceeds.

Q.

Can I withdraw my Fixed Deposit before maturity?

A.

Yes. You could at any given time without notice, at a discounted rate of interest. However, you could obtain a Temporary Loan without withdrawing your deposit.

Q.

Who is eligible to open a Senior Citizens account?

A.

Customers who are 55 years of age or above are eligible to obtain a CF Senior Citizens account

Q.

Can a joint account be opened with a Senior Citizen where one of the Citizens account holders is below the qualifying age?

A.

Yes. Subject to joint account holder being the spouse of the Senior Citizen.

Q.

What happens to my account when I reach the age of a Senior Citizen (55 years)?

A.

Talk to your customer care officer, and you could make necessary changes when renewing / opening a new deposit or savings account.

Q.

What other benefits are available for CF Depositors?

A.

Temporary Loan facilities against the deposit.

Letters of guarantee (Bank Guarantees)

Free CF Loyalty card.

Special rates for Lease facilities.

TR facilities through ATM's

Western Union money transaction facilities.

CF Depositors are entitled to hire vehicle on short hire without a refundable deposit.

Insurance cover for Senior Citizens up to 85 years of age.

Interest Payments

Q.

Do you pay monthly interest on deposits?

A.

Yes, interest can be paid monthly or at maturity

Q.

What are the modes by which interest is paid?

A.

As per the instruction given by the depositor the interest payment can be arranged as follows;

Payment to the account designated by the customer (E.g. CF Savings account or other bank accounts)

Payment can be directed to the depositor's address

Made available to be collected at any branch as requested by the customer.

Q.

Can you pay interest to the second depositor or a designated person?

A.

Yes, with the instructions of deposit holder/s the interest can be paid either to one of the joint holders or to a third party with a written consent of the deposit account holders.

Q.

Will Withholding Tax be deducted at source from interest?

A.

Yes, with effect from 01st April 2015 except for Senior Citizens (60 years and above) all deposit interests are subject to 2.5%  With Holding Tax irrespective of the interest income.                                                                                         



Senior Citizens 60 years and above are exempted from With Holding Tax.  Therefore, no With Holding Tax will be deducted on their Interest Income.

(The above criteria is subject to changes)

Q.

What type of certificate do you give for the Tax deducted at source?

A.

On monthly interest payment deposits tax certificate will be issued end of each financial year and at the time of maturity. On maturity interest payment deposits Tax certificate will be issued at the time of maturity.
Tax Certificate contains the following information; Name of the depositor/ address/ NIC number/ Deposit account number/ Tax file number if available / gross interest/ Net Interest/ WHT deducted/ Percentage of deduction/ Period of deduction.

Q.

When do you intimate the maturity of the deposit?

A.

A computer generated renewal notice is sent 14 days in advance of the maturity date.

Q.

What I should do to get my deposit renewed?

A.

The completed renewal notice and the matured term deposit certificate should be sent to us or you may hand over these documents to any of our Branches to issue a new certificate on renewal.

Q.

Are the signatures of all the joint depositors required on the renewal form?

A.

This is subject to the operating instructions given at the time of opening the account.

Q.

If I do not respond to the renewal notice, what will happen to my deposit?

A.

On a Monthly Interest payment fixed Deposit the capital will be renewed automatically with the prevailing interest rate for the same period. And, if it is a maturity deposit the capital will be renewed with the accrued interest and will be renewed for the equal period at the prevailing rate.

Payments/ Withdrawals

Q.

At maturity how can I withdraw my deposit?

A.

You have to surrender the original deposit certificate duly discharged with the payment instructions.Refund could be by way of either:

Cash

Cheque

Remitting to a bank account.

Q.

Do I need to give notice of withdrawal?

A.

No notice of withdrawal is necessary. However In a case of a withdrawal through a branch (except Colombo, Nugegoda & Kandy) it is advisable to give one days notice as the payments are processed at a central location.

Q.

In case I need money urgently, can I withdraw the deposit?

A.

Yes, you can. The Deposit could be withdrawn on request of the depositor and at the discretion of the company, subject to a discounted interest rate. In a case of a joint account withdrawal will be allowed as per the operating instructions given by the joint holders.

Q.

Can I get part payment prematurely?

A.

Yes. The same procedure is applicable as for a full premature withdrawal. However, in such cases, the depositor can also consider obtaining a loan up to 90.00% on maturity deposits and upto 70% on monthly deposits of the deposit amount.

Q.

Is the signature of one of the depositors sufficient for payment at maturity or prematurely?

A.

This depends on the operating instructions given at the time of opening of the account, as in some cases it could be both/all or either party.

Loans /Temporary refund against the deposit

Q.

Will you allow a loan on the deposit?

A.

Yes - you are eligible to apply for a loan against your deposit ranging from 70% to 90% of the capital value according to the category of the deposit.

Q.

What notice is necessary to obtain a temporary loan?

A.

No notice is necessary. You could obtain a loan over the counter

Q.

What is the rate of interest chargeable for loans?

A.

3% above the contracted rate of interest. The rate of interest may change at the discretion of the company.

Q.

What are the documents needed to obtain a loan?

A.

Original Fixed deposit certificate

Loan application form (Temporary loan application) signed by the depositor/s as per the operating instruction given in the deposit application.

Q.

Can the loan be repaid in installments?

A.

Yes. Until the Maturity of the Deposit takes place the loan can be repaid. Thereafter, if you wish the loan balance could be carried forward subject to renewal of the deposit.

CF Savings

Q.

What benefits do I enjoy if I open a Savings account with Central Finance?

A.

You obtain a competitive higher interest rate.

You receive an even higher interest when the account balance grows.

You can access your account from any of our island wide network of branches. You can also access your account from any "VISA" enabled ATM within and outside the country by using our CF VISA debit card.

You enjoy free standing order facilities.

You select your desired account to suit your requirement. Refer product details on main web page.

You can choose to have a pass book or a quarterly statement.

Q.

How can I withdraw money from a savings account?

A.

You can withdraw the money from any of the CF Branch counters during office working hours or from ATM's up to a maximum of Rs. 50,000/= per day 24x7 ( CF, Commercial BANK, & VISA enabled ATM network)

Q.

Do you charge on ATM Withdrawals?

A.

Irrespective of number of transactions no charge will be levied on CF ATM's If you maintain a monthly average balance of Rs. 5000/= in your savings account, two ATM transactions at Commercial bank ATM's will be free. If not Rs.25/-will be charged on withdrawals and Rs. 7.50/= will be charged on Balance Inquiries. On the VISA ATM network charges varies from RS. 50/= to 250/=. Please be aware that the Company reserves the right to amend any terms or conditions after notice.(These chargers are subject to changes)

Q.

Are your Branches Electronically Linked?

A.

Yes, our branch network is linked which means, if you deposit money from Colombo you could withdraw your money from any CF Branch or vice versa.

Q.

How can I make deposits to my savings account?

A.

You can make deposits at any branch counter by cash or cheque. If deposited by cheque , the cheque should be drawn in favour of " Central Finance Company PLC O/A of Account holders name & account number." If necessary fund transfers could also be arranged.

Q.

Do I have to maintain a minimum balance in a savings account?

A.

Yes. In a Normal/Senior Citizen/Super savings account Rs. 1000/= to be maintained and In a Lamaa Savings account Rs.500/= and in a Excel Savings account Rs.10,000/=

Q.

Is there a charge if I do not maintain the minimum balance?

A.

Yes. If you do not maintain the minimum average balance as specified above, Rs 100/= will be levied per month.

Q.

How can I obtain an CF Debit Card?

A.

If you are an existing savings account holder (except lamaa) you may forward an application form to any of our branches who will make arrangements to provide you the ATM card within maximum of 5 working days.

Q.

What is required to open a "CF Lamaa" Children's Savings Account?

A.

CF Lamaa Children's Savings Account can be opened by a parent or a Legal guardian of a child below the age of 18 year,following are the pre requests

Account could be open with a maximum deposit of LKR 500

A certified copy of the child's Birth Certificate .

A certified copy of the Parent/ Legal Guardian's ID Card/ valid PP/ DL.

Q.

What are the special attractions for "CF Lamaa" children's savings accounts?

A.

There are two types of CF Lamaa savings accounts:

High yield Lamma savings account - Higher rate of interest is applicable on different tiers of the account balance.

Lamaa Savings account with gift package - This account includes an attractive interest rate and a gift at account opening and as the account balance grows

Q.

What happens when a minor attains the age of consent / majority?

A.

The company will send a letter requesting to convert the status of the account. The parent/guardian should make arrangement to forward a new savings application in the name of the Minor turned Major with the signature and a copy of the national identity card.

Q.

If the parents of a Minor are not alive, who can be the Guardian?

A.

Only the person(s) who have been appointed as guardian by the Competent Court should sign the application. A copy of the Court Order has to be submitted

Q.

Can a savings account be opened in the name of the minor, alone or jointly with another?

A.

Yes. You can open a Savings account in the sole name of the minor. Also, in could be opened in the name of a minor jointly with Parent / Guardian.

Q.

Can parent/guardian withdraw the money in a "CF Lamaa" Children savings account?

A.

No. However in the following special circumstances withdrawals are allowed.

If there is a necessity for the Childs benefit such as education and medical expenses a written request with proof of documents which satisfies the company will have to be submitted.

The balance in a minor's account may be transferred upon written instructions of the parent/guardian of the minor, to an account maintained in the name of the minor in an authorized deposit taking institution, upon completion of sixty months from the date of the first deposit or any time thereafter. The transfer should be effected by a cheque drawn in favour of the minor and crossed "account payee only"

Note: The company reserves the right to change any terms and conditions mentioned herein from time to time without prior notice.

If we have not answered your question or further information is required call our customer care Hotline on +94-11-2315055/+94-11-2315053

Vehicle Hire

Q.

Why should I hire a vehicle ?

A.

When you purchase a vehicle you need to pay the full value to the seller or if you lease one, you pay the full capital along with interest for the period of contract - the rate of interest is determined by your bank or leasing company. When you hire one - you only pay a rental for usage which constitute only interest and a fraction of the capital cost during the period of usage.

Paying upfront to purchase expensive vehicles, equipment or machinery can also affect your cash reserves and ending up owning severely depreciated assets doesn't always do the business any good. Hiring or leasing equipment takes the strain off your cash flow. It usually means a tax advantage and a healthy balance sheet. With technology advancing rapidly you can have the best, most up-to-date vehicles or equipment all the time.

Q.

What hiring options does Central Finance offer ?

A.

Central Finance Contract Hire offers unsurpassable and comprehensive options;
-On-the-road without maintenance.
-On-the-road with maintenance, which gives you additional benefit of maintenance and the comfort of a relief vehicle free of charge.

Q.

What is On-the-road WITHOUT maintenance ?

A.

Under a commercial agreement, Central Finance buys and owns the vehicle - choice of vehicle is given to customer. The customer then hires the vehicle, paying rentals over a fixed period. During the full period of hire the customer is responsible for obtaining revenue licences, comprehensive insurance cover and doing all maintenance and accident repairs to ensure that the vehicle is maintained in good order. At the end of the contract, the customer has a choice of extending the hire, buying the vehicle or returning it back to Central Finance as per the pre-agreed terms and conditions.

Q.

What is on-the-road WITH maintenance ?

A.

The most common form of operating lease in motor finance is contract hire, mainly in the provision of vehicle fleets. Contract Hire is particularly attractive to companies that frequently update or replace vehicles. It is a cost-effective method for businesses to fund the use - but not the ownership - of a vehicle, because payments are fixed over an agreed term. Payments may include maintenance and service charges. An anticipated annual mileage is agreed and any kilo meters travelled above that figure is billed at an additional rate.

Under a commercial agreement, Central Finance buys and owns the vehicle - choice given to customer. The customer then hires the vehicle, paying rental over a fixed period.

During the full period of hire Central Finance is responsible for obtaining revenue licenses, comprehensive insurance cover and doing all the maintenance and accident repairs to ensure the vehicle is maintained according to the manufacturer's specifications. At the end of the contract, the customer has a choice of extending the hire, buying the vehicle or returning it back to Central Finance as per pre-agreed terms and conditions.

Q.

Is there a mileage limit ?

A.

Hiring contracts limit the number of kilo meters you can drive, from 2,500 km per month up to 30,000 kilo meters for a year.

Q.

What cars make the best hiring cars ?

A.

Ideally the best cars to have on Contract Hire, whether it's business or personal, are the makes that hold their value for a longer period.

Q.

How often can I get a new car ?

A.

One of the benefits of is that you can drive a new car every three, four or five years. To many people who hire, this is an acceptable tradeoff with having to make ongoing payments considering the benefit of always having a new car that is always under warranty, and you still have the option to buy the car at the end of the hire period.

Q.

What happens if my contract hire vehicle breaks down ?

A.

All contract hire vehicles come with an assurance from Central Finance Fleet Management Services for speedy and efficient services and maintenance. Our services are backed by over 80 franchise garages spreads across the island. When it comes to on the road with maintenance package, the repairs will be covered fully at no extra cost to you. You will further be provided with a courtesy vehicle Free of Charge while the repair work is carried out.

Q.

Can I get a tax advantage ?

A.

Rental payments don't usually appear as balance sheet liabilities. Instead, they are treated as an operating expense and may have taxation advantages. As an expense item, these payments can also fall outside of annual capital budget allocations. This may mean improved balance sheet ratios.

Q.

Can this type of hire be 'off-balance sheet' ?

A.

Yes, you have the option to classify your lease as 'off-balance sheet'. In this case, the leased vehicle(s) would not appear as a capital asset(s) in your annual report and accounts.

Q.

Can I claim the VAT charged on the rentals ?

A.

Subject to confirmation by your auditors, providing you are registered for VAT, you can usually claim the VAT payable on rentals.

Q.

Whom should I contact for further information?

A.

Please Contact: Nimshi Welgama 0773779050 nimshiw@cf.lk
Sandika Niroshana 0773402114 niroshana@cf.lk
Buddhika Pitiyegedara 0773412702 buddhikap@cf.lk
Dilhan Hettiarachchi 0771077524 dilhanh@cf.lk

 

CF Leasing and Hire Purchase

Q.

What is the difference between leasing and hire purchase ?

A.

Both are types of financing options for vehicles and equipment.

There is a distinction in how these facilities are looked at for purposes of accounting and tax.

The lease rental unless specifically exempt is liable for VAT irrespective of the fact that the asset financed is not new.

In the case of hire purchase the rental is not liable for VAT. However there are implications on VAT for hire purchase transactions for assets not used in the country for a minimum period of one year
We will advise you in selecting the financing option that suits you best.

Q.

What are the advantages of financing through leasing/hire purchase ?

A.

Facilities can be obtained much faster than traditional forms of financing

Requires less documents

Known monthly commitment

Frees up bank lines

Q.

What are the types of equipment financed under lease/hire purchase ?

A.

Motor vehicles, three wheelers, motor cycles, tractors, construction equipment, plant and machinery, computers etc.

Q.

Are used vehicles/equipment financed ?

A.

Yes used assets are financed subject to there being an established value for such assets. It is also a necessity for there to be a clearly identifiable owner for such assets.
We finance popular vehicles which are upto 30 years old subject to conditions

Q.

Who can obtain a lease/hire purchase facility ?

A.

Any individual, partnership or limited liability company could obtain a facility subject to the financier's assessment of the applicant's creditworthiness.

Q.

Does one have to be a tax payer or a current account holder to be eligible to obtain a lease/hire purchase facility ?

A.

No. These are not pre requisites.

Q.

Do you need to pledge assets as collateral?

A.

No. Leasing and hire purchase facilities are generally extended without additional collateral. However there could be instances where additional collateral may be requested for especially when it comes to financing of equipment

Q.

What documents do I have to submit when applying for a lease/hire purchase facility?

 

Invoice from the person selling the vehicle/equipment

Valuation from a company approved valuer. Valuations could be obtained through our branch network.

Proof of income of applicant and guarantors. If documents are not available we could still consider based income/projected income assessment derived from discussions and on site inspections

Documents certifying/confirming sources of projected income.

Project proposals in the case of equipment financing.

Copies of NICs of the applicant and the guarantors

Q.

Can the payment plan be structured to meet my cash flow

A.

Yes, if income is seasonal.

Q.

How much would I have to pay as pre payments ?

A.

This would depend on the age of the asset, marketability of the asset, credit worthiness of the applicant etc.

Q.

Can a lease facility be repaid pre maturely ?

A.

Yes. There would be a rebate for pre termination.

Q.

How long would it take to obtain a lease/hire purchase facility ?
We are committed to finalizing an application within two working days subject to all required information/documents being submitted.

Q.

Do I have to insure the asset financed

A.

Yes the asset financed has to be insured. Our fully owned subsidiary CF Insurance Brokers (Pvt) Ltd. They will place the insurance with an insurer of your choice who is acceptable to us

Q.

Where do I come to in order to obtain a lease/hire purchase facility ?

A.

You do not have to come to us to obtain a facility. Simply call your nearest branch or our customer service hotline on 0112038038 and we will come to you.

Q.

Can the rental payments under lease/hire purchase contract be claimed as an allowable expense?

A.

Lease - the rental could be claimed subject to the asset leased being used to generate income on a liable activity
Hire purchase - the interest paid could be claimed together with capital allowance subject to the asset financed being used to generate income for a liable activity

CF Loyalty Card

Q.

What is the CF Loyalty Card?

A.

CF Loyalty card is a card which rewards our long-standing customers through attractive discounts offered by reputed merchant partners island-wide.

Q.

Do I need to pay for the CF Loyalty Card?

A.

No, This is issued totally free of charge in appreciation of your loyalty towards Central Finance

Q.

Can I use my CF Loyalty Card for payments and also as a Debit/Credit or ATM card?

A.

No. CF Loyalty Card is not a Debit/Credit or ATM Card. Hence, it cannot be used to make any payment or withdraw funds.

Q.

Will my CF Savings account or FD be deducted/charged when I use the Loyalty Card?

A.

No. There is absolutely no charge to your accounts with CF when you use the card. Utilization of the CF Loyalty Card will be at the sole discretion of the card holder and he/she is welcome to use it and derive the benefits of the discounts offered by the large number of partner merchant’s located island wide.

Q.

How do I use my Loyalty Card?

A.

After you select a product or service from the merchant partner list, visit or telephone the establishment to check its availability. If you decide to purchase a product/obtain a service, inform the merchant that you have a ‘CF Loyalty Card’ and produce same on your visit. The Merchant will check the validity of your card and grant you the price discount as applicable at the point of transaction.

Q.

What kind of saving can I get with the CF Loyalty Card?

A.

CF Merchant partners offer a wide variety of price discounts on products and services. Some merchants may offer as much as 25% and many others do offer discounts ranging from 10% to 15%.

Q.

Do I need to show my CF Loyalty Card when I purchase any product or services?

A.

Yes. You must produce your CF Loyalty Card before you make a purchase at a partner Merchant. A Merchant may deny you a discount if you do not produce your Card before the transaction.

Q.

Can my friends or family use my CF Loyalty Card?

A.

The benefits offered under CF Loyalty Card are strictly restricted to the card holder only.

Q.

If I lose my CF Loyalty card, will I be able to obtain a new card?

A.

Yes. However, a replacement fee of Rs.100/- will be charged when a new card is issued. You could report the loss of card to any CF Branch located island wide.

Q.

How do I find out more information on Partner Merchants, discounts/offers?

A.

You could visit our web site www.centralfinance.lk in order to get more details on our partner merchants. You will also receive frequent SMS's on latest offers and new merchants.

Q.

Do I have to make a payment to obtain the SMS service?

A.

No. It's offered free of charge.

Q.

Can a customer request more than one loyalty card?

A.

No. A customer is entitled to only one CF Loyalty Card.

Q.

Is there a maximum number of offers a customer could claim through a single loyalty card?

A.

There are no restrictions.