8th, June, 2020

A personal loan, for most of us, is one of the first steps in reaching our goals and dreams. It helps to finance something we have always wanted to have; whether it’s a car, college degree or a trip to France (or anywhere else in the world!).

When you’ve decided to get what YOU want, come visit us and we’ll guide you through the process. Here are some tips on how you can get the loan approved without any glitches!

  1. Meet the Minimum Criteria

    Regardless of what loan you’re applying for, make sure you meet these MINIMUM criteria. Consider it as a check-list. You need to be able to check everything off this list, in order to be eligible for getting a personal loan.

    • You should be between 20-55 years of age.
    • You must have a minimum, fixed monthly income of LKR 50,000.
    • Your full salary should be assigned to Seylan Bank, until the loan has been fully repaid. The income saver account for salary remittance will give you an array of additional benefits such as higher interest rates and Seylan sure gifts and many more.
    • A minimum of 12 months should be completed as a permanent / confirmed employee.
    • Employment should be in a recognized company by Seylan Bank.
    • CRIB 100% clear.

  2. Have All Documents Ready

    Banks usually require a number of documents to verify who you are and begin the loan process. Ensure you have all these documents to get your loan approved faster, because if there’s something missing, the bank will call you until you bring the missing document, thus causing a delay in the entire process.

  3. Be Transparent

    On applying for a loan, you will be required to fill out lengthy forms which require you to fill out crucial details such as home, work & mobile number, home address, occupation and monthly salary income, amongst other information. Ensure you fill everything out as factually and as truthfully as possible, as banks need to verify and cross-check all information against each other, to decide whether you’re capable of handling and paying for a loan. Also keep in mind, that if a bank cannot contact you on any of the given numbers, the loan process will most likely not happen.

  4. Apply for The Right Amount

    A common rookie mistake is when you apply for an amount that is explicably really high and when assessing your financial situation, the bank would reduce your requested for amount and quite possibly, that will take longer. Therefore, when filling out your application, enlist the help of a loan calculator to determine how much you would actually need based on your finances. Filling out an accurate loan amount will speed up your loan process.

  5. Choose the Rate That Suits You

    We all give in to temptation at some point in our lives. This happens to the best of us when choosing the interest rate for personal loans. Banks have different interest options for customers, namely:

    • Floating - rate that can change at any time.
    • Variable - rate that will change at the given frequency.
    • Fixed - rate that is fixed for a given period of time.

    The floating and variable interest rates generally stand lower than fixed interest rates. This rate gap between variable and fixed rates tempts most customers to choose the variable option which leaves them at risk of fluctuating (positive or negative) loan installment or tenure multiple times during the loan repayment period versus the fixed rate which mitigate that risk.

    However, the customer should also consider the market conditions when choosing an interest rate to avoid disappointments if the interest rates continue to decline due to the economic conditions.

    Seylan Bank offers the most attractive fixed interest rates in the market enabling the customers to enjoy fixed installments during their entire repayment tenure.

    Ready to apply?

    If you’re ready, you can apply for a loan at any time. If you’re already a Seylan Bank customer, it takes 10 minutes to apply through Seylan Bank and you may be able to obtain funding within 48 hours*. Our dedicated relationship officers will visit you at home or at work to add more convenience to your application process.