10 rules of borrowing instant loan money

Gost Finance Sri Lanka has prepared 10 rules for those who take or intend to take loans from banks or financial companies. By following them, you can significantly reduce the risk of refusal to issue a instant loan money 24/7 and reduce the cost of servicing it.

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What is the loan term?

  • Minimum loan term: 122 days
  • Maximum loan term: 122 days for first loan
  • Maximum loan term: 182 days for repeat loan

The loan is calculated as follows

  • Loan amount: RS 30.000
  • Loan period: 122 days
  • Consulting fee: RS 3.600
  • Service fee: RS 13.920
  • Interest rate (12% / year) : RS 754
  • Total payment: RS 48.274

Am I eligible for a loan?

You are eligible to apply for a loan if you are:
  • A citizen of Sri Lanka
  • Residing in Sri Lanka
  • Between the ages of 20 to 65 years old
  • Currently employed or generating a steady income

prove that you are a reliable borrower

Prove that you are a reliable borrower

If you are a new client for the bank, try to convince him of your trustworthiness and solvency. Take with you all the documents that can prove it. It can be:

  1. certificate of income from the last place of work;
  2. tax reports for individual entrepreneurs;
  3. technical passport for the car;
  4. documents for the right to own real estate;
  5. statements from accounts in other banks.

Keep track of your credit history

A key role for a bank or microfinance organization in deciding whether to issue a loan or not is played by the client's credit history. It should be positive, without delinquency and "hanging" loans. Then there will be no problems. If it says that you are a problem borrower, forget about loans. Your bad credit record will work against you no matter where you go to get money. To keep it always in order, you need to regularly check your credit history.

The fact is that banks, when transmitting data about your payment discipline to credit bureaus, sometimes make mistakes that can damage the client's reputation. For example, an old long-paid loan may be listed as unpaid. Having found them, you need to contact the bureau with a statement about the unreliability of the data.

Avoid unnecessary insurance

When applying for a loan, the bank will certainly offer to take out insurance. Perhaps not even one. Immediately specify which of them are mandatory and which can be waived. Managers, perhaps reluctantly, will tell. All optional insurances should be immediately abandoned as these are extra costs.

Use credit cards

Use credit cards

Credit cards have two properties that make them the best option for capturing small amounts in the short term. The first is a credit limit, which allows you to use the bank's money if you run out of your own. The second is a grace period during which this can be done for free. It can be from 55 to 90 days. If you replenish the card on time, then the bank will not charge any commissions for using credit money.

In addition, other interesting bank services may be available to credit card holders. For example, interest-free installments. The essence of the service is that you simply pay for the goods in equal installments without any overpayments.

Enlist the support of your spouses

If you are married and planning to take out a mortgage, car loan or other large loan, be prepared for the fact that the bank will require the consent of your spouse. In order not to spend money on a notarized consent, just go to apply for a loan together. This will save you from unnecessary expenses for a notary.

Use credit cards

Read the loan agreement

Many people sign a loan agreement without reading it. Of course, carefully proofreading several sheets of a boring protocol text is not much fun. But it is better to be patient and do it. Especially, items that relate to delays and penalties.

Avoid delays

A delay in making a payment even for 1-2 days threatens with penalties and additional commissions. Not to mention that it will negatively affect your credit history. Try to stick to the loan repayment schedule. It is better to pay the monthly payment 1-2 days ahead of schedule than to leave everything until the last day.

Notify the bank of financial difficulties

Everyone in life can have troubles: illness, injury, temporary disability. Often they entail financial difficulties. It may happen that the payments on the loan for some time become unbearable. Tell the bank about it. There is a chance that you will be met. Especially if before that you carefully paid your debts. You can try to negotiate a loan holiday or loan restructuring.

Restructuring is a change in the loan repayment schedule, which is necessary in order to reduce the monthly payment and reduce the burden on the personal budget when servicing the loan. The bank is interested in the borrower paying. If he convinces him that you have difficulties, then he can meet halfway and offer conditions that will alleviate the situation.

Consider refinancing your loan

Consider refinancing your loan

If the bank does not agree to restructure the loan, or the conditions offered by it do not suit you, you should try to refinance the loan. Refinancing is the repayment by one bank of your current loan in another. Refinancing implies more loyal lending conditions than those that were before it. Otherwise, it makes no sense.

Remember that loans are inherited

You should know that loans, like property, are inherited. This can happen both by will and by law. If a pledged apartment or car was inherited, then the successor will have to pay the balance of the debt. Of course, if he accepts the inheritance. If you refuse it, then the debts of the deceased heir will not be touched.