Obtaining a personal loan from a bank or traditional financial institution is a lengthy process. Except for the time frame, no matter how easy the sellers who come to your office make it, the process itself is complicated. Documentation required for personal loans in Sri Lanka is expanding.
Sometimes, the list goes on and on as these companies require more and more documents. Let's see how the documents required for a personal loan from a bank differ from the documents required for a personal loan from credit companies.
When you are looking to borrow money from a bank or take out a personal loan, the process of applying for one can be quite difficult, even for the coolest person. First, you need to go to the bank and find out how much personal loan you are eligible for. Dealing with private lenders in banks is not a pleasant experience. The bank looks at other factors such as your age, educational qualifications, place of employment, employment history, credit history and current assets, so you may find that even if you earn a large salary, you will not be eligible for a large personal loan. Just to name a few. If you work for a reputable company, the value of your personal debt may increase. The whole process is designed to sponsor people from wealthy backgrounds.
Documents required for personal loans from banks or traditional financial institutions
Once that's all done, you should start collecting all the paperwork needed for a personal loan. The following is a list of personal loans listed by most banks and traditional financial institutions:
- A copy of your National Identity Card (NIC)
- Copies of your last 3-6 months pay slips
- A letter from your employer confirming your job and mentioning your salary and its breakdown
- Copies of your degree certificates and other core educational qualifications
Depending on where you apply for the loan, it may be higher. Also, once you have worked hard and collected all the documents required for the loan, you will have to wait a certain amount of time to get the approval and get the money in your hand. As financial institutions and banks often go through a rigorous loan screening process, it can be a long, tedious process to determine where the applicant can repay the loan within the desired time frame.
However, if you're looking for a quick, short-term payday loan, there is a better way when you opt for personal loans from non-traditional financial institutions as loan companies.
Documents required for loans from credit companies
In stark contrast to the list of tedious personal loan documents above, the only documents you need to provide when obtaining a loan from credit companies are:
- A photo of your National Identity Card
- Your photo (can only take a selfie)
How to get a loan from credit companies
It is clear from a snippet that there are very few document requirements for obtaining a loan through a loan company. We now try to understand the step-by-step process that takes you through a loan application.
The first step is to sign in to your browser and access the credit companies' website. You will then be able to start the registration process. You can start the process by entering your first, last name and mobile phone number. After entering, you will be redirected to enter the OTP code received on your mobile phone.
When calling for verification you will be asked to enter all your personal information, job details and contact information that can verify your identity. This step usually involves gathering all your personal and work-related information that will assist your application process.
You will be prompted to upload 2 documents to the portal. The only document required for this entire process is your National Identity Card and an image of your selfie photo.
You will be asked to enter your bank account details that you need to credit the loan.
The whole process will take a few minutes to complete and everything will be done online, so you do not have to worry about submitting any documents or visiting the bank several times a day or week to meet your contact. Manager. With a personal loan from a loan company, your application will be a simple 4-step process and similarly, your entire application process will be completed and you will be able to withdraw money from your bank within minutes. With Gost Finance you can do it from your cell phone and in the comfort of your own home without even having to leave your seat.
The simplicity of our process attracts our personal loan clients. A major part of this simplicity is the lack of paperwork required for a loan. You can visit our website with a better understanding of how to apply for a loan section. So the next time you are in a bit of a financial obligation, give Gost Finance a try! You may have money in your pocket within minutes of applying.
Personal Loans - Best Lenders of Sri Lanka
Lotus Loan to Rs.40 000
|Loan Amount||10000 - 40000 Rs.|
|Loan period||10 days to 122 days|
|Interest Rate||0.01 to 1% per day (max APR 12%)|
RoboCash to Rs.25 000
|Loan Amount||5000 - 25000 Rs.|
|Loan period||120 days to 180 days|
|Interest Rate||0.01 to 1% per day (max APR 180%)|
FastRupee to Rs.50 000
|Loan Amount||3000 - 50000 Rs.|
|Loan period||1 days to 180 days|
|Interest Rate||0.01 to 1% per day (max APR 365%)|
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?
- 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
FAQ - Personal Loan