Getting a personal loan from a banking or traditional financial institution is an extremely lengthy process. Apart from the time duration, the process itself is complicated, no matter how easy the salesmen who visit your office make it sound. The documents required for personal loans in Sri Lanka are extensive. Sometimes, even the list is never ending as these companies keep asking for more and more documents. Let’s take a look at how the documents needed for a personal loan from a bank differ from the documents needed for personal loan from OnCredit.
When you are looking to borrow money from a bank or take out a personal loan, just the process of applying for one is daunting enough for even the most cool individual. Firstly, you need to visit the bank and find out how much of a personal loan you are eligible for. Dealing with the personal loan officers in banks itself tends to not be a very pleasant experience. You may find that even though you earn a larger salary, you might not be eligible for larger personal loan amounts as the bank looks at other factors such as your age, educational qualifications, place of employment, employment history, credit history and current assets, just to name a few. If you work for a reputed company, your personal loan value could be higher. The entire process is designed to favour those who come from affluent backgrounds.
Documents needed for personal loans from banks or traditional financial institutions
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Once all that is over, you need to start gathering all the documents required for personal loan. The personal loan documents listed at most banks and traditional financial institutions are as follows:
- A copy of your National Identity card (NIC)
- Copies of your last 3-6 months’ salary slips
- A letter from your employer, confirming your employment and stating your salary and its breakdown
- Copies of your degree certificates and those of any other major educational qualifications
Depending on where you apply for the loan, it might even be more than this. Furthermore, once you have painstakingly collected and submitted all the documents required for loan, you will have to wait for an unspecified amount of time to get approval and to get the cash to your hand. It’s a long, drawn-out process, as financial institutions and banks often go through a strict credit check process, to determine where the applicant is able to pay back the loan in the desired time frame requirested.
However, if you are just looking for a quick, short-term personal loan, there is a better way when you opt for personal loans from non-traditional financial institutions such as OnCredit.
Documents required for loan from OnCredit
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In stark contrast to the above exhausting personal loan document list, the only documentation you need to provide when taking a loan from OnCredit are:
- A photo of your NIC
- A photo of yourself (just a selfie would do)
How to Get a Loan from OnCredit
In a snapshot it is evident that there are very few documentation requirements to get a loan via OnCredit. Now let's try to understand the step by step process in which you will be taken through for a loan application.
Step 1
The first step is to log in to your browser and visit the OnCredi.lk website. Thereafter you will be able to start the registration process. You can start the process by entering your first, last name and mobile number. Once entered you will be redirected to enter the OTP code received to your mobile.
Step 2
You will be asked here onwards to enter all your personal details, employment details and a contact persons information who can verify your identity when verification calls for verification. This step is usually to collect all your personal and work related information that will help with your application process.
Step 3
You will be asked to upload 2 documents to the portal. Your National Identity Card and an image of your selfie photo which will serve as the only documentation required for this whole process.
Step 4
You will be asked to enter your Bank account details to which you will need the loan amount to be credited.
The whole process will only take a matter of minutes to complete and everything happens online, so you do not need to worry about making a visit to the Bank numerous times of the day or week just to submit any documentation or meet your relationship manager. With personal loan from OnCredit your application is going to be a mere 4 step process and just like that, your entire application process is over and you could have the money in your bank within a mere of minutes. It can be done with just a mobile phone and in the comfort of your own home, without even needing to leave your seat via OnCredit.lk.
It’s the simplicity of our process that attracts our personal loan customers. The lack of numerous documents required for loans is a key part of this simplicity. You can visit OnCredit’s website, which has a how to apply for a loan section for a better understanding. So the next time you’re in a bit of a financial bind, give OnCredit a try! You can have money in your pocket within a matter of minutes upon application.
