SERVICES WE OFFER
- Pawning
- Loans for Self Employment
- Loans for Three Wheeler Meters
- Education Loans
- Distress Loans
- Loans for Solar Power Generation
- Loans for Electric Motor Cycles
- Overdraft Loans
- Festival Loans
- Loans for Goods & Equipment
- Buddha Bhoomi Loans
- Tour Loans
- Pranama Loans
- Business Loans
- Loans for Common Amenities
- Industrial Development Loans
- Loans on moveable Properties
- Loans on Immoveable Properties
- Upahara Loans
- Sahana Loans (for small-scale industrial entrepreneurs)
- Employee Loans (for Government and recognized Private Sector Organizations)
Loans are subjected to the following conditions.
1. Loan Terms Subject to Change by Board of Directors
The Board of Directors retains the right, without prior notice, to change any condition specified below or to establish a new condition.
2. Residence Certification
Applicant should be a permanent resident in the territory of the society. A certificate issued by the Grama Niladhari & certified by the Divisional Secretariat, a photocopy of the National Identity Card, a photocopy of the deed of the house or land owned by the applicant, a photocopy of the bill for water supply can be produced to prove the residency. Marriage Certificate should be produced if the house belongs to the spouse. Birth Certificate should be produced if the house belong to parents.
3. Resides in a Different Location
If the applicant resides outside the territory of society, he or she should be able to produce evidence to prove that he or she has been engaged in a business or an industry within the territory for the past five years. Two permanent residents of the territory should agree to be guarantors.
4. Guarantor Requirement
The guarantor should be a permanent member who has purchased the number of required shares (50) as per the bylaws.
5. Age Requirement
Age should be between 18 and 60 years. Note: Loans cannot be issued to anyone other than a permanent member or the holder of a Suraliya, joint, or associate account. However, loans on fixed deposits can be issued to anyone older than 18 years of age.
6. Not Defaulted Other Loans
Should not have defaulted on loans or leases from another facilitator. Note: Members will be charged for the process of obtaining such information from CRIB.
7. Loan Obtained for legitimate Reason
Loans may be obtained for any legitimate, profitable business venture or legitimate need. Projects that are not environmentally sustainable will not be given loans.
8. Loan Eligibility Requirements
Depending on loan balances and the requested loan amount, the applicant must own shares and make required deposits.
9. Ability to Repay Loans
The income from the business or the wage should be enough to pay the payment.
10. Loan Approval Process for Applicants with Bad Credit
If the applicant has previously delayed the repayment of a loan, they must provide convincing justifications. In that instance, a fresh loan will only be approved following a careful investigation. In addition to personal guarantors, a security may be required.
11. Loan Guarantee Limits
Only Rs. 300,000 is the maximum loan amount that may be guaranteed by a person. Loans combined should not be for more than Rs. 300,000.
12. Overdraft Loan Eligibility Criteria
Anyone who has received a loan on either movable or immovable property will not be eligible for an overdraft loan. At the time of application, the applicant should let us know if they want the loan to be an overdraft.
13. Company Inspection Procedures
Inspections of company locations ought to be done whenever feasible without first notifying the applicant. Applicants should only be consulted when absolutely necessary.
14. Further Decisions
15. Appealing Loan Decisions
A member can make an appeal to the Board of Directors when a loan application is rejected or when the approved loan amount is lower than the amount applied.
16. Loan Write-Off Policy for Natural Disasters
The loan will cover by Insurance against damage from a natural disaster, the Board of Directors will choose, based on the committee's recommendation, which percentage of the loan amount will be written off.
17. Creditor Life Insurance
The loan sum will be covered by the insurance in the event of the creditor's natural death.
18. Who Can Issue Loan Applications
The authority to issue a loan application to a member who has satisfied the requisite fundamental conditions belongs to the branch manager or project officer. Such an application should bear the issuing officer's date and signature.
19. Factors Considered When Approving a Loan
The applicant's mental and physical health. knowledge and expertise the candidate has in the industry. Guarantors are informed about the used loan facility. background of the applicant's family and societal perceptions of them. market circumstances for the applicant's goods and services. additional sources of income, applicant's personal property, both mobile and immovable
20. Required Loan Documents
Within seven days, the applicant must turn in the loan application, promissory note, loan voucher, loan certificate, and fixed deposit certificate, all of which must be signed by the applicant if the loan is secured by a fixed deposit.
