How to get a loan when you want to get a bank loan in sri lanka? What are they needed qualifications to get a loan in sri lanka? The problems that arise in the mind of many people. Generally, banks and financial institutions are waiting to lend. Their main source of income is lending money to you. They have to pay interest from banks on your savings deposits. Then, banks and financial institutions earn an interest by making your savings deposits available to loan applicants.
So getting a loan from a bank is not that difficult. But for that you must meet these qualifications.
Is it possible to recover your money before lending it? The bank is investigating whether or not. Accordingly, when you take a loan from a bank or financial institution, you must have the ability to repay the loan amount and the interest charged on it. It looks at your salary, income level, nature of immovable and movable property and how you are paying off any loans or debts you have taken before.
Generally, if more than 60 percent of your monthly salary is outstanding for your previous loans, you will not be able to get a loan again. Because the remaining 40 percent of the salary goes towards your living expenses.
Banks and financial institutions provide various types of loans such as personal loans, home loans, farm loans, small and medium business loans, real estate loans, business loans, fishing loans, etc. Along with these loan applications, some documents are also required.
Accordingly, there should be guarantors for the loan amount you expect to get and they should be monthly salary recipients. Also, they should not take loans exceeding 62 percent of their income. Also, a photocopy of the identity cards of the guarantors, their salary details, and a Gramseva certificate to confirm residency is required.
If you want to get a home loan, you need to provide the bank or financial institution with the cost estimate and a note about the access to the house. Apart from this, it is mandatory to submit the copy of the deed confirming the ownership of the house or a photocopy of the electricity and telephone bills to the concerned institution.
Meanwhile, if you get a business loan, the bank will check your entrepreneurial ability, daily turnover, etc. But remember, here you plan to repay the business loan with premium interest on the due date. Because if 6 days pass after the due date of the business loan, you will have to pay an additional interest of 4 percent on the relevant loan installment from the 7th day. But when applying for a business loan, you must submit a report of income, expenses and profits for the last 6 months, business registration certificate and income certificate. But income reports or salary details cannot be submitted.
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