The following steps are required to obtain a loan from a Bank.
1. Participate in initial discussion / interview with the Branch Manager / Relationship Officer / Credit Officer. At this meeting the customer explains the requirement of the loan and the manager / officer verifies the financial position of the customer with regard to repayment, business background, tax payments, and the identity of the customer (National Identity Card, Passport, Driving License and the permanent mailing address) etc.
2. Handover the completed application with relevant documents to the relevant bank official.
(i) Deed / Title Report
(ii) Deed extracts
(iii) Survey plan within 30 years
(iv) Tax Documents
(v) Valuation Report
(vi) Title Insurance Policy, if necessary
(vii) In the event the applicant is a company, a certified copy of the resolution passed by the Board of Directors in respect of obtaining the loan, details of authorised signatories etc.
(viii) Necessary documents from the respective Local Authority (receipts of payment of rates, building line certificate, street line certificate and non-vesting certificate etc.)
(ix) Guarantees, personal or otherwise, if necessary
(x) Any other documents, if requested by the bank
3. Application is processed by the credit officer.
(i) Clearance from the Legal Department
(ii) Project Evaluation
(iii) Customer Evaluation
a. Cash flow analysis
b. Creditworthiness of the Customer with necessary authorities such as Credit Information Bureau of Sri Lanka
c. Past relationship with the bank 2.8 Obtaining a Bank Loan 66
4. Submit the application for the approval by the credit officer based on the delegation of authority.
5. Send a copy of the approval to the bank’s Legal Department.
6. Providing the offer letter.
7. Disbursement of the loan (within two weeks, minimum).
Information provided by:
Central Bank of Sri Lanka