Business

Top 10 tips when applying for a business loan in Sri Lanka

What banks look for when you apply for a loan in Sri Lanka

If you’re applying for a business loan, there are a few things you can do to improve your chances of getting approved. First, make sure you’re making a compelling case for the loan. This means you need to know what you’ll use the money for and what you’ll do with it.The bank is there to approve or reject your business plan, not your personal finances. If you aren’t able to make a compelling case, your loan application may be denied.

He following is a list of areas within the business plan that lenders look for when approving a loan: Your business plan. Is your intention to be a sole proprietor, general partner, or consolidated between multiple business owners? The lender will want to know if you plan to subcontract utilities, make repairs, furnish the home, or a combination of these things. When you apply for a loan in Sri Lanka, banks will consider a few things:

  • Your income: You’ll need to show proof of income from your job.
  • Your credit history: You’ll need to show proof of a good credit history with any previous lenders you’ve had.
  • Any assets you bring with you: Unless you’re a huge wall full of diamonds, prove that you have any property you want to purchase along with your loans. This will increase your reserves and help your loan committee make a decision.
  • If you have a spouse or dependents: Show a letter from your spouse or dependents stating that you’re an acceptable dependent on the loan. If you don’t have a spouse or dependents, you’re eligible to have one.
  • How much work do you do? If you work a lot and you can show it, you may be able to get a credit-worthy loan without putting in as much work. This is especially helpful if you are self-employed. Fleece yourself with the above-mentioned facts to support your case.
  • How many properties do you have? This is extremely important for any self-employed borrowers. Showing proof of property holdings will make it easier to obtain a loan.
  • What’s your net worth? This is very important if you are using a partner. Make sure you incorporate your partner’s financials into your own financial history.
  • How many properties do you currently own? If you were self-employed for several years and don’t just recently sell, prove this by including rent-rolls from your former office. Loan committee members won’t look kindly upon discrepancies in these.
  • Are you happy with your current credit score? It’s very beneficial to have a good credit score, evidence of which can be demonstrated by high monthly or rental payments. A solid credit score will make you eligible for the best business loans.
  • Have you had an automobile since you graduated from college? This is important to have if you plan to buy your first property.

A step-by-step guide to applying for small business loans in Sri Lanka

You’ve probably heard that small business loans are difficult to get. However, once you have your business plan in place and a loan request letter, obtaining a small business loan in Sri Lanka is actually pretty straightforward. You can consider taking loan from a local bank or some online loan site, for example: Sri Lanka loans. You can get all the details from their website loan-me.lk/. Here are simple steps to help you apply for a small loan in Sri Lanka:

  • Get Pre-Approved before you start contacting any loan officers, you need to run your business plan past the right members of the finance industry in your country. Make sure that your business plan is specific and straightforward in its approach to financing.
  • By submitting an appropriate and complete business plan, you give yourself a leg up on the competition. There are several loan officers who have meetings and negotiations just for you!
  • By taking the time to develop a solid profile and concisely crafting your plan, you’re sure to get the attention you need to get your loan approved.
  • Upload Your Business Plan: Don’t want to wait for approval from your lender/bank? Upload your complete business plan and all supporting documentation—fax machine supporting documents, recent revenue and expenses reports, business map, and tax returns—to your online business plan portal.
  • Loan officers don’t want to look at unprocessed paperwork. They want to see the completed part of your business plan and all documentation you upload. This will save you a lot of time and stress in the future.
  • Most loan officers understand how busy investors are and will return calls immediately if your plan is complete.

The money habits that will help you get approved for a better personal loan deal!

If you’re looking for a personal loan, you should make sure you have the best money habits. Here are 5 important money habits to help you get approved for a better loan deal!

  • Open a savings account. Having a savings account is one of the best habits you can have. There are many excellent opportunities online for individuals to start investing with no formal education or experience. These opportunities give you basically free money without having a high-paying job. You should open and use an online savings account for this.
  • Set up a well-delineated savings and investment account. The savings account should have a clear separation between savings and investments. Virtually all banks require deposit accounts where deposits equates to future savings.
  • Locate and verify your lenders’ requirements.
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