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. 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 loan from banks or traditional financial institutions.
Once all that is over, you need to start gathering all the documents required for personal loan. The personal loan documents list at most banks and traditional financial institutions are as follows:
- A copy of your National Identity a 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. 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
In stark difference 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)
And just like that, your entire application process is over. It can be done with just a mobile phone and in the comfort of your own home, without even needing to leave your seat.
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. So the next time you’re in a bit of a financial bind, give OnCredit a try!