How Much is the Maximum Amount of Money for Unsecured Loans?

An unsecured loan is a loan that does not require the borrower to submit any assets as collateral. The practice of taking unsecured loans in Sri Lanka has risen in popularity with the emergence of financial institutions (like OnCredit) offering facilities to obtain unsecured loans online. As the entire process is extremely fast and easy, unsecured loans are preferred by those who need a quick and short-term cash loan to tide them over until payday. You could try it yourself via

How much can I get using an unsecured loan?

To apply for an unsecured loan online, you need to firstly, register on our website with your telephone number along with your name. Thereafter you will need to provide your personal details, employment details and bank account details in the upcoming steps. There is also another step where you need to provide a photo of yourself and your National Identity Card (NIC). If you are a first-time borrower, unfortunately you might not be eligible for a larger unsecured loan amount right off the bat. This is due to the very nature of unsecured loans. The way it works is, it calculates the history of clients according to certain credit checks. As unsecured loans online do not require collateral or proof of assets, the lender has little to no guarantee that you will be able to repay your loan amount and the risk of default is high. At OnCredit, the loan limits for a first-time borrower starts from a minimum of LKR 2,000 (some companies have different first loan approval amounts) and can go up anywhere from LKR 9,000 to LKR 40,000 repayable in four months with a fixed monthly payment that should not be delayed even by a day. However, you can greatly expand the unsecured loan limit, which will be explained further along. You can easily apply for a loan through OnCredit’s website via

How is my loan amount calculated?

How is the loan calculated

When calculating the loan amount, there are many different checks that go through, however when you are a first time customer you have limited approvals in terms of amounts. The exact loan amount you are eligible for in unsecured loans depends on a plethora of variable factors. We look at your personal details such as your credit history, employment history, your workplace etc. to determine the loan limits applicable for you. The unsecured loan amount is entirely up to the discretion of your selected financial institution. The customer also goes through an internal scoring system that does multiple third party checks that will help assess your creditworthiness. Certain times both an automated and a human approach is used by companies. Some companies have verification teams who assess the creditworthiness of clients through the call they shoot to customers and their contact persons.

How can I apply for larger unsecured loans?

You can apply for, and receive, unsecured loans of much higher loan amounts if you are a regular customer of unsecured loans. If you have proven that you are a good paymaster and tend to make your payments on time over a period of time, you will become a valuable customer. Consequently, your selected financial institution will be more than willing to lend you larger amounts as they trust that you can pay back your unsecured loans. You can also be eligible to receive larger unsecured loan amounts in a shorter time period by improving your overall credit history. This whole process depends on you and your discipline towards taking and settling loans on time.

How can I improve my credit score?

How to improve my credit score

Improving your credit score can be done by taking several steps, such as paying your utility bills on time as they are of (mostly) public record. Try to reduce your overall debt. If you have payments that are greatly overdue, try and settle those by taking out a personal loan which you can later settle. Credit score is very important as this is your public image and it holds up a public record.

In Conclusion

Settling loans on time or credit card payments on time also drastically contributes towards your credit score as that would determine what kind of a customer you are. People should always be aware of the consequences of not settling their debt on time, they should also make it a priority to do so as soon as they have their salary remitted or when they get their desired income.
Building a good relationship with lenders of unsecured loans can be a lifesaver when faced with a crisis or unexpected emergency and you have nowhere to turn. At OnCredit, we are  committed to building sustainable, mutually-beneficial relationships with our customers. Our mission has always been to provide access to finance or financial services to the underserved or unbanked communities in the country. We strive towards excellence in service, and make sure we serve customers who are in a need.