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

Personal Loans ➤ Compare Top Lenders ✓ Low Interest Rates ✓ Unsecured personal loan ✓ Get a Loan Online with Gost Finance Sri Lanka [2022]

Loan Amount

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Loan Period

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Actuality of Information: 21.09.2022 10:00
Information about the rates and conditions for a loan from a Sri Lanka Lenders is provided by the credit companies and banks or taken from public sources. Please check the terms and rates by calling the branches of the bank or credit company. Their help desk can get you the answers you need.

💡 We recommend to complete the Maximum Number of applications, then you will increase your Chance to receive a Loan up to 100% ✅

Lotus Loan Sri Lanka ᐈ Online Loan 40000 LKR
★★★★★ 4.89

payable

15150 Rs.

loan amount

15000 Rs.

commission

450Rs. 150 Rs.

first credit

1500-to40000 Rs.

re-loan

40000 Rs.

term

1-to180 days

rate

0.03 %
First Loan 0.01% Apply now Details
annual rate (APR)
from 3.5 to 12%
max. term
to 180 days
age
22-55 age
first loan
to 0.01%/day
repeated loan
to 0,03%/day
The loan is calculated as follows:

30000 Rs. + 122 days + 18274 Rs. [Interest rate] = 48274 Rs. [settlement amount]

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

Contacts:
Zephyr Solutions (Private) Limited Sri Lanka
address: 7, 1/1 Cotta Terrace, Colombo 00800
phone numbers: 0 117 821444
e-mail: info@lotus.loan
max APR: 12%
term: from 4 to 6 months
age range: 22-55
Pros:
+ Takes not more than a day to get the money in your account
+ You always know how much you need to repay
+ Fully online process for you so that you can get money without extra travel and hassle
+ Support via Facebook, WhatsApp and phone
Cons:
- Support is not available: chat on the official website
Robocash Sri Lanka ᐈ Free Loan up to Rs.25000 for new client!
★★★★★ 4.83

payable

15150 Rs.

loan amount

15000 Rs.

commission

1950Rs. 150 Rs.

first credit

5000-to25000 Rs.

re-loan

60000 Rs.

term

1-to180 days

rate

0.13 %
First Loan 0.01% Apply now Details
LoanMe - Get loans up to Rs.40000 in just 15 minutes
★★★★☆ 4.42

payable

15150 Rs.

loan amount

15000 Rs.

commission

600Rs. 150 Rs.

first credit

5000-to40000 Rs.

re-loan

40000 Rs.

term

1-to180 days

rate

0.04 %
First Loan 0.01% Apply now Details
Fastrupee ᐈ Loan Online up to Rs.50000
★★★★★ 4.6

payable

15150 Rs.

loan amount

15000 Rs.

commission

600Rs. 150 Rs.

first credit

1000-to15000 Rs.

re-loan

50000 Rs.

term

1-to180 days

rate

0.04 %
First Loan 0.01% Apply now Details

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

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 Low Interest Rates

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

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

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

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

Personal Loans vs Other Loans

Personal

Other

Flexible Value

Fixed Value (depending on requirement)

Flexible Repayment

Fixed Payments and Repayment Periods

No Questions Asked

Many Details Required (house details, vehicle details, business details etc.)

Lower Interest Rates

Higher, Fixed Interest Rates

Quick

Takes Time to Process and Receive Money

personal loan

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

documents pasport sri lanka

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

personal loan

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):

Repayment Period Monthly Salary
LKR 20,000 - 50,000

 
Monthly Salary
LKR 50,001 - 75,000

 
Monthly Salary
LKR 75,000 - 100,000

 
3 years

8.0%

7.5% 7.0%
5 years 8.5%

8.0%

7.5%
7 years

9.0%

8.5%

8.0%

10 years

9.5%

9.0% 8.5%

Fixed Floating Interest Rates

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

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.

Loan Calculators

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:

Personal Loans

Questions and answers: Personal Loans

❶ How to get a personal loans online in Sri Lanka ❓

Review all offers. Choose the best option among the presented credit institutions. Register on the website of the financial company and fill in the information in the fields of the questionnaire. Then agree to the terms of the Agreement and the Rules for granting a loan. After submitting the application, within 1-15 minutes you will receive an SMS message to the phone number and/or e-mail specified by you during registration, where you will be informed whether your application has been approved or rejected. Also, the status of the application can be seen in the Personal Account. If the loan is approved, the money will be transferred to the bank card you specified. Feel free to send applications for several proposals that interest you.

❷ How much money is available Personal Loans Online in Sri Lanka ❓

Loan amount in credit organizations is available from Rs.1000 to Rs.60000 for up to 180 days. At the first application, the loan amount does not exceed Rs.30,000. at a rate of 0.01% per day. The loan amount in Sri Lanks banks is available from 1000LKR to 100000 LKR. at a rate of 0.12% per day.

❸ Who can get Personal Loans now in Sri Lanka ❓

You can get a loan from any credit company if all conditions are met: You are over 18 years old; You are a citizen of Sri Lanks; You have a bank card or a current account in a Sri Lanks bank; Your mobile phone number is working; You have registered on the site.

❹ How can I get Personal Loans fast approval ❓

We need 50,000 rupees loan urgently! Ok! There are 2 options to receive money: online to credit card or a current account and cash at the branches of the company. Most lenders offer money transfer to your bank card, but if you need cash, you can always withdraw money from any ATM.

❺ What documents are needed to apply for a Personal Loans in Sri Lanka ❓

The set of documents for applying for a loan online is minimal. You will need: Holder of a valid Sri Lankan mobile phone number; Holder of a valid Sri Lankan national identity card; Sri Lankan Citizenship or permanent residency; Holder of a valid Sri Lankan bank account.

❻ How to repay Personal Loans ❓

There are 4 ways to repay a loan (payment methods):
  • on the company's website using a bank card (Visa/MasterCard) 24/7
  • ou can repay through Online card payment method. It’s safety, quickly and easy and also without any commission
  • Bank deposit. Using your internet bank or by ATM/CDM machines
  • Cargills Food City
  • Pay&Go kiosks

Disclosure of financial products and services

The following is all the contact information about all the presented credit companies in Sri Lanka on our website. The information includes the name of the Financial Institutions, address, phone number, email address, details of the registration certificate of the organization, the presence of a license from the National Financial Services Commission, min / max loan term, annual percentage and an example of calculating the cost of the loan.

Lotus Loan

Zephyr Solutions (Private) Limited Sri Lanka
address: 7, 1/1 Cotta Terrace, Colombo 00800
phone numbers: 0 117 821444
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
max APR: 240%
term: from 3 to 6 months
age range: 22-55

CashX

Consulting Services (Private) Limited
address: No 422/3, Galle Road, Colombo 03
phone numbers: +94 117 562 756
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
max APR: 216%
term: from 10 to 30 days
age range: 20-60

LoanMe

Fintechh Software Solutions Limited
address: N#321, Galle Road, Colombo 03
phone numbers: +94 117 877 555
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
max APR: 230%
term: from 3 to 6 months
age range: 22-55

Cashwagon

Lendtech Lanka
address: 241, Dudley Senanayake Mawatha, Colombo 08
phone numbers: +94 117 463 100
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
max APR: 360%
term: from 3 to 6 months
age range: 20-60

FastRupee

FastRupee (Private) Limited
address: Access Towers, Union Place, Colombo 02
phone numbers: +94 117 749 444
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
max APR: 365%
term: from 3 to 6 months
age range: 20-60

RoboCash

Rapidlend (Private) Limited
address: No.04 Geethanjalee Place, Level 5, Colombo 03
phone numbers: +94 112 208 220
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
max APR: 220%
term: from 3 to 6 months
age range: 20-55

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