Personal Loans Sri Lanka - One Day, Interest Rates, Online

• What is a Personal Loan?
  • Reasons for Getting a Personal Loan
  • Personal Loans with Low Interest Rates
  • How to get a personal loan?
• Personal Loans: Terms and Conditions
• The Benefits of Gost Finance Payday Loans
• Personal Loans vs Other Loans
• What are the requirements?
• What documents are required?
• How long can I get one for?
• Fixed vs Floating Interest Rates
  • Loan Calculators
  • Do I really need it?
  • Best bank to get a personal loan
• Questions and answers: Personal Loans
• Disclosure of information about financial products and services

What is a Personal Loan?

A personal loan is an amount of money provided by a lender to be repaid by the borrower within a set period of time, together with interest that acts as a fee to the personal loan lenders for providing this service. Usually, after you have submitted your application, the lender is given time to review it, if you pass the eligibility check, then the required amount will be credited to your account as a whole. Generally, all personal loans are usually issued by licensed banks or financial institutions. But there are also other companies that also offer this service, although they are not recommended.

We are not immune from the most diverse situations that arise in life. Often you have to put up with small inconveniences, hoping that they do not grow into major problems. And then you take a cash loan from friends and family, credit cards and much more. But the most optimal solution to a financial problem would be a simple and convenient personal loan interest rates.

The borrowable value is calculated based on a number of criteria and requirements (see below) and repayment period usually starts from 3 years and can even stretch up to 10-15 years depending on the lender. These can either be secured (with collateral) or unsecured (with no collateral), with secured payday loans tending to be higher value with lower personal loan rates.

Reasons for Getting a Personal Loan

A instant personal loan can be used for almost any purpose you like, without needing to explicitly state the purpose during time of application. Here are some popular reasons:

• Settling outstanding high-interest debt (like credit card debt)
• Buying a house or a vehicle (without going for a mortgage)
• Higher education
• Wedding expenses
• Overseas travel
• Large medical bills not covered by health insurance
• Home renovations
• and so much more!

Personal Loans with Low Interest Rates

Best personal loans are also generally considered to have lower interest rates than other forms of credit. While rates differ across lenders and various types, it is possible to secure very attractive rates by selecting the right vendor. Depending on the rate, you might even find that taking out a line of credit to pay for or fund a large expense instead of paying the bulk sum upfront might actually save you some money if you are able to invest the bulk of the money for higher returns than the quick loan interest.

How to get a personal loan?

Actual process of applying for a personal loans online is quite simple, but requires minimal steps from you. Usually, lenders make the following demands:

1. The borrower must be over 18 or 21
2. The borrower must have a regular source of income
3. No need to provide pay slips or proof of income
4. Mobile phone number must be registered in the name of the borrower
5. Photo of your national ID.
6. Photo of yourself (even a selfie will do) and

Having received this information, the manager of the company will check it by calling you by phone and will give you a decision to issue a low interest personal loans or not, having studied your credit history. If your credit history satisfies the company, then your application will be approved, and after a few hours, you will receive cash.

Personal Loans: Terms and Conditions

Features and Benefits of personal loans online

Best personal loan rates have benefits that are far greater than any other types of credit facility, such as:

Flexible Value

Depending on your required amount as well as how well you meet the personal loan lenders’s criteria, the borrowable value you are eligible for varies. There are ways for you to increase this value such as canceling other lines of credit (e.g. credit cards) and improving your credit score. If you offer collateral, your borrowable value will further increase. So it can be said that the level of flexibility afforded to customers is really high. Personal loan online apply today!

Flexible Repayment

Certain lenders offer extremely flexible repayment terms and periods. Flexibility offers various types of benefits, such as paying off only interest at first, making payments at your convenience, withdrawing already-deposited payments etc. If your financial situation is volatile, asking for flexible options might be prudent.

No Questions Asked

Unlike housing mortgages or vehicle leasing which require all the details about why you need to borrow money, you are able to keep all your personal affairs completely private. The discretion afforded is a great benefit for certain individuals when dealing with sensitive matters such as medical or other expenses.

Lower Interest Rates

Instant personal loan online also tend to have lower interests especially when compared to other types of unsecured credit facilities. The rate is further reduced in the case of secured urgent loans. Of course, these rates depend entirely on the global/national economic situation as well as the lending party.

Quick

Personal loans can be processed and cleared within just a matter of days, which makes it a godsend in times when you need large sums of money very urgently. The processing period can be shortened further if you submit all documents properly, and possess a pristine credit score without any payment delays on record.

No Collateral Needed (sometimes)

Unsecured personal loans don’t require you to put up any of your assets as collateral. In fact, most personal loans are unsecured, although almost all usually require you to have a regular source of income for the duration of the repayment period, as well as certain other criteria e.g. solid credit score, reliable employment history at reputed/recognised organisations. This allows you limited liability and the freedom of applying for more lines of credit using your existing assets.

Personal Loans vs Other Loans

What are the requirements?

Even though a personal online loan might be the ideal solution for your current requirement, obtaining one might not be as easy as people think. It requires you to meet a number of criteria that not only decide your eligibility for obtaining this credit facility, but also the borrowable value you are able to take out. Although the requirements depend largely on the selected financial institution and the exact nature of credit facility you are taking out, here are some of the most common and basic criteria you need to meet before obtaining a personal easy loan:

1. Be of legal age (above 18 years of age)
2. Be below retirement age (usually 60 years of age)
3. A confirmed employee with a regular source of income (there is a minimum amount you need to earn to be eligible)
4. Assets as collateral
5. Declare any other outstanding credit facilities
6. 1-2 guarantors who agree to take on the responsibility of settlement in case you default

What documents are required?

The documents you need to provide are usually to verify that you meet the aforementioned criteria. Some of the basic documentation you need to provide are as follows:

1. Filled application form
2. A National Identity Card, valid driver’s license or passport
3. 3 months’ salary slips with the income stated
4. Letters from employers stating your confirmed position and salary
5. Proof of permanent residency (a utility bill etc.)
6. Proof of assets as collateral

How long can I get one for?

The repayment period for a personal loan varies greatly, with some flexibility allowed for you. The interest rates and the borrowable value are subject to change along with the selected repayment period. Longer repayment periods tend to carry higher interest rates as well as higher loan values. Depending on your monthly income, you will receive greater flexibility in terms of value, as well as rates and repayment periods.

A sample interest vs. repayment period is given below (Gost Finance Sri Lanka):

Fixed vs Floating Interest Rates

When applying for personal emergency loans online, you will be offered the option of selecting a fixed interest rate or a floating one. A floating rate means that every time your selected company adjusts their rates (which varies based on the current economic situation), the new value will apply to your ongoing loan. A fixed rate means that the interest rate at the time you submitted your application will apply for the entirety of the repayment period. The great benefits of an online loan in Sri Lanka make this type of loan very popular!

The advantage of going for a floating rate is that you will have to pay less in interest every time the rate drops. Therefore if you borrow money from a lending party during a time with a very high interest rate, when it eventually drops again, the lower rate will apply. Most financial institutions even allow the facility to convert your fixed interest rate to a floating rate (and vice versa) for a fee.

Loan Calculators

When dealing with various interest rates, repayment periods and salary scales, it’s hard to try and get an understanding of what the financial difference between all those really is. At the end of the day, what it really boils down to is your monthly instalment value as well as the total amount that you will be paying extra by way of interest. Due to this common complaint, most financial institutions offer their potential customers Loan Calculators.

These are interactive tools that allow you to see your monthly instalment amount as well as the total interest portion in real-time by entering in your required amount of money, repayment period and applicable rate. This not only allows you to compare different schemes and different lenders, it also gives you the big picture of the financial commitment that you are about to undertake. Finding out you need to pay Rs. 150,000 each month for the next ten years might make you reconsider your requirement.

Which brings us to the next most important aspect.

Do I really need it?

Finally, the question of whether you really need to take out this kind of credit facility at all is something that you need to address from the get-go. Even though you are eligible to receive one, you should think long and hard about whether it is the best course of action for you. Personal loans are the safest and most trusted way of borrowing money so if you are faced with no other choice, it can be recommended. However, if you ever lose your source of income, you might find yourself in a very difficult situation. If you are sure about receiving a regular source of income for the entirety of the repayment period as well as not foreseeing any large expenses in the near future, a personal loan might not be too impossible to manage and will help you achieve a great many things in life.

Best bank of Sri Lanka to get a personal loan:

• HSBC Sri Lanka personal loan https://www.hsbc.lk/
• Union Bank of Colombo PLC Sri Lanka https://www.unionb.com/
• CBC - Commercial Bank of Ceylon PLC https://www.combank.lk/
• NSB - National Savings Bank https://www.nsb.lk/
• Peoples Bank personal loan https://www.peoplesbank.lk/
• HNB - Hatton National Bank https://www.hnb.net/
• NDB - National Development Bank https://www.ndbbank.com/
• CIMB - Bank Sri Lanka https://www.cimb.com/
• Central Bank of Sri Lanka https://www.cbsl.gov.lk/

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