Products

A number of loan products have been introduced in order to the betterment of the lives of members, to elevate their businesses & industries, for educational purposes of members & their families. Members can obtain loans also for festivals, pilgrimages, tours, etc.

Types of Loans


 

Conditions Applicable to all Loans

  1. Board of Directors reserves the right to amend any condition listed below, and to introduce any additional condition, with no prior notice.
  2. 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. If the applicant resides outside the territory of the society, he/she should be able to produce evidence to prove that he/she has been engaged in a business or an industry within the territory for the past 05 years. 02 permanent residents of the territory should agree to be guarantors.
  4. Guarantor should be a permanent member who has purchased the number of required shares (50) as per the bylaws.
  5. Age should be between 18-60 years.
    * Loans can not be issued to anyone other than a permanent member, but a holder of a Suraliya, joint, or associate account. However, loans on fixed deposits can be issued to anyone older than 18 years in age.

  6. Should not have defaulted in loans or leases from another facilitator.
    * member will be charged for the process of obtaining such information from CRIB.
  7. Loans can be obtained for any legal & profit-making entrepreneurship, or any legal necessity. Loans will not be issued for non-environment-friendly projects.
  8. Applicant should posses shares & mandatory deposits based on loan balances & the applied loan amount.
  9. Income from the entrepreneurship or from the salary should suffice to settle the installment.
  10. Applicant should produce acceptable reasons if a previous loan has been delayed in settlement. In that case, new loan will be granted only after a thorough study. If necessary, a security in addition to personal guarantors will be required.
  11. Maximum loan amount on personal guarantors is only Rs. 300,000/-. Total of all the loans should not exceed Rs. 300,000/-.
  12. <Translation Pending>
  13. Overdraft loans will not be issued to those who have obtained a loan on moveable or immoveable property. If the applicant wishes the loan to be an overdraft, he/she should inform that at the time of applying.
  14. Whenever possible, business premises should be inspected without informing the applicant in advance. Should discuss with the applicant only when it is absolutely necessary.
  15. Decision of the Board of Directors will be final.
  16. 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 applied.
  17. In case of a damage to a business due to a natural disaster, if the loan is covered by an insurance, the Board of Directors shall decide, based on the decision of the committee, the percentage to be written off from the loan amount.
  18. In case of a natural death of the creditor, the loan balance will be written off through the insurance.
  19. Branch manager or project officer holds the authority of issuing a loan application to a member who has fulfilled necessary basic requirements. Such an application should be endorsed with the date & signature of the issuing officer.
  20. Should pay attention if the business premise is on lease.
  21. Physical & mental fitness of the applicant.
  22. Knowledge & skills possessed by the applicant on the business.
  23. Family background and attitude of the society towards the applicant.
  24. Market conditions on products & services of the applicant.
  25. Other income sources, moveable & immoveable properties of the applicant.
  26. Education of guarantors on the applied loan facility.
  27. Loan form, promissory note, loan voucher, loan certificate, fixed deposit certificate signed by the applicant in case of a loan on a fixed deposit should be handed over to the loans division within 7 days.