Getting a loan in Sri Lanka has become quite simple. You don't have to carry a lot of cash to make a big purchase today. A low interest rate on a personal loan will allow you to make a long-awaited purchase now.
This type of loan is needed if you urgently need money to pay off an existing debt, buy a gift for a wedding, pay for visa applications, school or university fees, etc. Gost Finance - Personal loans are designed so that you can quickly borrow a certain amount of money on various reasons. Do not compare this type of loan with a loan to buy cars and houses. These are completely different things.
Interest Rates on 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
A personal loan is a loan issued to individual borrowers for a small amount and term. Interest rates on personal loans are usually lower than on credit cards (How to get a loan online) and are the preferred source of credit for many people. But the process of obtaining a personal loan is complicated and will require a lot of documents and confirmation of your assets. This requirement alone encourages people to choose another type of lending that has a simpler procedure for obtaining a loan, even ignoring the fact that such a loan will have a higher interest rate.
Let's take a look at personal loan interest rates in Sri Lanka.
Interest rates on personal loans in Sri Lanka
How do loan rates work?
Remember that when applying for a personal loan in any financial company: Lotus Loan, Fast Rupee, OnCredit you will be charged a commission - interest. This commission consists of a monthly or annual percentage of the amount you wish to receive. Interest rates on personal loans in Sri Lanka tend to be lower than other forms of credit. The main thing is not to forget to pay the interest on the loan on time.
Today in Sri Lanka, interest rates on loans are highly dependent on general economic conditions. Now, due to the ongoing pandemic, loans are highly recommended to improve cash flow in banks. Therefore, interest rates on loans in Sri Lanka are extremely low (as opposed to very low interest rates on fixed deposits and savings accounts).
Floating and fixed interest rates in Sri Lanka
When you take out a personal loan, you will be asked to decide what interest rate you want to use on the loan: a floating rate or a fixed rate.
Fixed interest rate - during the entire term of the loan, you will pay interest at the interest rate at which you took out the loan.
A floating interest rate means that the interest rate on your loan will change depending on market conditions. If you have taken out a loan at a high rate, you will benefit from a floating interest rate, because when the market rises, your interest rate on the loan will decrease. The risk is that if the market deteriorates, your interest rate will rise again.
Interest rates on secured and unsecured loans in Sri Lanka
Typically, interest rates on loans vary greatly between secured and unsecured loans. Unsecured loans, although extremely convenient when time is short, tend to have higher interest rates on loans than secured loans (such as a personal loan from a bank).
For this reason, interest rates on loans are usually slightly higher at loan companies, since most of our loans are unsecured loans. However, new customers can get a loan with zero interest (albeit for a slightly lower loan amount)! However, since such loans are very short-term and small amounts of money can be borrowed, the trade-off between interest rate and fast processing is well worth it.
Therefore, study all our offers, select favorable loan terms and apply. Before you sign an agreement and take out a loan, study what interest on the loan you will have to pay in the future. To avoid mistakes, read the 9 Tips for Financial Security. All financial companies issue a loan without any "hidden fees" or unexpected costs that arise when you take out a loan.
FAQ - Interest Rates on Personal Loans