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Frequently Asked Questions:

1. Can I obtain a loan to settle my credit card or other bank loans?

Yes, you can for any purpose.

2. My Existing loan commitment is more than 40% of my salary. But I get overtime and other income and can pay another loan. Can I apply for a Personal Loan?

No. Not under this scheme. Only Fixed income is taken into consideration.

3. My Employment is not in the Banks Approval Employment List. Can my loan be considered?

Please call our Personal Banking Unit on 011-2456966 / 011-2456962, and check with them before applying.

4. Will any monthly installment change with any interest rate revision?

No. All loans are fixed at the approved interest rate for the entire loan period.

5. How is the interest calculated?

Equated installment, but interest calculated on the capital outstanding ( reducing balance)

6. What is a late payment fee?

4% on delayed capital.

7. What if my employment status change?

Please inform the Bank immediately

8. How long will it take for my loan to get approved?

2 working days – Fast Track facilities

4 working days – Normal facilities

9. Can I settle my loan in advance?

Yes. But early settlement fee of 4 % on capital, minimum LKR 5,000/-

10. Can I view my loan capital outstanding through Internet Banking?

Yes, If you are an Internet Banking customer, you can request to add the loan into the list via Internet Banking.

11. Have I to open an account with Seylan Bank?