Microloans in Sri-Lanka are available for individuals looking for a loan to fund their vacation or business. In this article we will discuss how to get a loan from the Government of Sri-Lanka. These loans are issued by the civil departments or the Revenue Department of the Government of Sri-Lanka. A loan can be used to pay for your house, education or any other expense you may have.
The first place to check is the Revenue Department of the Government of Sri-Lanka. They will have all the information you need on the application. You can also check with the Sri Lankan bank, which may offer you the option of getting a loan from them. The information regarding microloans in Sri-Lanka can be obtained from the Sri Lankan central civil department or the revenue department. Another place to look is the bank in which you have an account. Often there is some confusion as to whether the loan is a microloan or a regular loan.
The loan information can be obtained from the loan department of the bank. The microloans in Sri-Lanka are issued by the Revenue Department. There are some advantages of getting the loan from . Most importantly, the processing of the application and the issuance of the loan is more rapid than from the civil or the private lenders.
The borrowers of the microloans in Sri-Lanka also have certain advantages. The borrower will not have to provide the details of his/her annual income or the credit rating. Also, the repayment term of the loan is relatively lesser than that of a bank loan. For instance, a loan of one thousand dollars can be approved for a period of five years. On the other hand, the amount of the loan depends on the repayment term.
There are two main types of microloans in Sri-Lanka. They are the direct microloans and the indirect microloans. The direct loan is a fast approval loan where the borrower gets a onetime amount which is directly deposited in his/her account. The lender also does not need to check out the source of funds. The indirect microloans in Sri-Lanka are processed through a number of agencies. A credit search is made first by the bank to find the authenticity of the borrower.
Once the loan is approved the repayment process is pretty fast. The repayment can take place either in installments or in equal monthly installments. Another advantage of quick microloans in Sri-Lanka is that they do not require any extra documents. The processing of the microloans is also quick compared to the normal loans. So, it is a good option for the people who are looking for a loan in an urgent situation.