Tips for borrowers
What should I do if the loan is not approved? Try to reduce the requested amount and increase the loan term. For example, if you took out a loan for 70,000 Rs and you were refused, then you need to divide this amount into 2 - 3 parts, i.e. take 25,000 Rs each, in different MFIs, while applying at the same time.
How to increase the probability of approval. We recommend that you apply to several companies at the same time. It is also important for credit specialists how much the client is interested in interest rates, repayment schedule and total overpayment on the loan. Your applications, debts, and active loans are fixed, that's why you need to apply immediately so that the data does not have time to update.
If no organization has approved you, you need to improve your credit history. Pay off all existing debts. Wait a certain time and try several times to take out minimal loans in organizations where you did not take money.
If you do not have time to repay on time, pay the interest and extend your loan, otherwise the interest will be very large. It is necessary to inform immediately the employees of the credit company about your financial difficulties to prevent this from happening. In this case, it is possible that the company will meet you halfway and issue a prolongation of the loan agreement.
Requirements for borrowers
— Citizenship of the Democratic Socialist Republic of Sri Lanka;
— Age from 18 years old;
— Permanent registration in the territory of the Sri Lanka;
— The Applicant/Borrower must have full legal capacity and legal capacity, as well as all the rights and powers necessary and sufficient to conclude a Loan Agreement by sending an Offer and fulfilling the terms of the Loan Agreement;
— Availability of a mobile phone number registered in the name of the Applicant/Borrower in the territory of the Sri Lanka.
This is information about the full cost of the loan and an example of the calculation
The loan in the amount of 50,000 Rs was issued for 91 days with an extension. There are 365 days in a year. The rate is 0.2% per day according to the agreement (the annual rate, respectively, will be equal to 180%). The interest amount for the year is 90,000 Rs. (50,000 * 180% = 90,000) for 1 day 137 Rs. (50,000/365 = 137), for 91 days, respectively, 12467 Rs. (137 * 61 = 12467). The total amount of the payment is 624677 Rs (50,000 Rs principal + 8357 Rs interest).
PSZ (total cost of the loan) is 100% in percentage per annum.
The minimum and maximum loan repayment period ranges from 91 days to 365 days.
The maximum annual interest rate, which includes the loan interest, and all other commissions and expenses for the year, or a similar rate calculated in accordance with local legislation, is 100% per annum.
There is debt collection carried out through phone calls, SMS and e-mail notifications, both the Borrower and the contact person.
You will be charged a daily penalty in the amount of 0.05 - 1% per day of the loan amount in case of delay in payments from the next day after the expiration of the loan term. The daily accrual of interest for the use of the loan under the agreement will continue and a fixed commission may be charged also.
Consequences of non-payment of borrowed funds
The lender will be forced to charge a penalty for late payment if the loan amount or the amount of interest for the use of borrowed funds is not returned within the agreed period. Most lenders will make concessions and give 3 additional business days to pay. They are provided in case, for example, a bank transfer took longer than usual.
However a penalty for late repayment of an average of 0.10% of the initial amount for loans will be charged if you do not receive any reaction from you for a long time.
If you fail to comply with the terms of repayment of loans, data about you may be transferred to the register of debtors or BKI, which may negatively affect your credit history and credit rating.
The debt can be transferred to a collection agency to collect the loan. the loan extension is not possible if the delay is admitted.
The lender will promptly inform you about all upcoming payment terms by SMS or e-mail. We recommend that you make the payment on the day you receive these reminders.
You form a good credit history by repaying debt on time,which increases your credit rating and your chances of getting a loan on more favorable terms in the future.
The offer is not an offer. Specify the final conditions in direct communication with creditors.
The amount of the forfeit is 0.10% of the amount of delay per day, but not more than 10% of the loan amount in case of violation of the terms.
In the event of a long delay in payment, the information will be transferred to the BCI. Renewal of the loan is possible upon timely notification of the lender (before the date of loan repayment) and payment of interest for the primary term of the loan. There are no additional fees for extending the loan.
Information about the creditors presented on the site
CONSULTING SERVICES Ltd.
No 422/3, Galle Road, Colombo 03