Camel Loan Sri Lanka - Quick Loan to Rs.250000

Camel Ship Loan Sri Lanka - Quick Loan to Rs.250000

Get fast and convenient access to cash loans in Sri Lanka with Camel Loan - the online loan service. Apply today for an instant cash loan and get the funds you need quickly and easily. Obtain cash quickly with an online loan at a favorable interest rate, with the funds being available within 30 minutes of registration Looking for a quick way to get cash when your wallet and bank account are empty? Sometimes, family and friends cannot provide the help you need. That's where online loans come in handy.

What are the requirements?

- Loan Term: minimum 121 days, maximum 183 days

- Loan Amount: 1,000 - 250,000 LKR

- Loan Interest rate: 30% per month (maximum 365%)

- For overdue amount will be additional charging LPF

- No hide or additional Fee

- Subject to evaluation, the credit term can reach 3 months and more

The service charge is 1% per day (maximum APR 365%). The loan amount is from Rs. 5000/- to Rs. 250,000/.

Example: The first-time borrower who took Rs.5000 to be repaid in 3 months must return Rs.9500 - if he repays on repayment date. For additional information, look at terms & conditions on the last page of the application process.

Online loans are typically offered by non-banking lenders, but banks also offer online applications for consumer loans. However, in this case, you may need to visit a bank branch to complete necessary paperwork.

Online loans, such as microcredit, offer individuals without access to traditional forms of financing an opportunity for financial support. With a base interest rate, online credits allow borrowers to apply for cash loans up to Rs 80,000 and receive the money in as little as 30 minutes after registration.

Pros and Cons of Online Loans

Pros of online loan

Online loans have their advantages and disadvantages. Here are the advantages of this financial instrument:

• Quick decision-making - while banks have reduced processing times for online loan applications, waiting times can still be long. People prefer not to wait for long, so microfinance institution (MFI) products remain in demand. MFI programs can check potential borrowers in 5-10 minutes from the moment they receive the cash loan application.
• Instant money transfer - while the questionnaire review may be extended if additional documents are required, the payment is made without delay after approval. The amount will be transferred instantly to your electronic account or bank card. In rare cases, it may take up to 3 days for the deposit to be processed.
• Application from anywhere - the Internet simplifies life and makes it easier and quicker to apply online. Filling out the questionnaire takes no more than 5 minutes, and you can do it from anywhere with internet access, whether on a PC, tablet, or smartphone.
• Transparency of terms - the cost of the loan is immediately specified. You enter the desired amount and the term of use on the site, and the amount of overpayment is shown immediately. Then you can decide whether to accept the loan or not.
• The possibility of getting a loan with a bad credit history - during a crisis, banks may tighten the selection of borrowers and only lend to regular customers, denying many people funding. MFIs are more willing to give instant cash loans online to customers with bad credit histories, though they embed the risk of non-repayment in the interest on the loan.

Cons of online loan:

The weaknesses of this financial instrument include:

• The interest rates for a loan term of up to 30 days are calculated in hundreds. It's important to look at the annual rate and the final amount of overpayment when considering a loan.
• The loan amount is limited - usually, the maximum amount of microcredit in IFIs is Rs. 80,000, and it's only available for reuse. Microcredit is intended for small and urgent needs.
• The repayment term is short - usually up to 30 days, occasionally extending to 4 months.

Before taking out an online loan, it's essential to evaluate the advantages and disadvantages of this financial product, consider all factors carefully, and determine if microcredit is the right solution for your needs. If these loans didn't provide benefits to users, they wouldn't be in high demand in the consumer market.

What are the benefits of online loans?

With micro-loans in Camel Ship Loan, customers can:

• Improve their credit history by receiving and repaying multiple loans, which increases the chances of obtaining a larger loan from a bank as their reputation improves.
• Obtain quick cash loans by submitting only their national identity card (NIC), without the need for income certificates or other documents.
• Avoid the hassle of filling out lengthy forms. Licensed non-banking financial institutions in Sri Lanka require a simple form that takes up to 5 minutes to complete. Customers only need to provide their contact information, national identity card data, employment information, and income.
• Obtain a loan without collateral or guarantor. The loan is approved without additional requirements.
• Only pay interest on the use of the micro-loan, with no additional commission.
• Repay the loan in a single amount at the end of the term or earlier, and if interest is charged on the loan, the amount must be repaid with interest.

How Camel Ship Loan Works?

Camel Ship Loan offers:

• Cash loans and Online Loans for any needs
• Collateral-free and guarantor-free loans with just a passport and identification number, without leaving your home
• No hidden fees, charges, insurance, or upfront payments

Borrower requirements:

• Original national identification card
• Regular employment income
• Borrower age between 20-65 years old

Loan application process:

• The client fills out the loan application in just 5 minutes
• A Camel Ship Loan employee will call to verify the information and ask for a scanned copy of the required documents (NIC) and the account number for the loan disbursement
• A loan decision is made within 3 minutes
• If approved, the loan amount is immediately credited to any bank account selected by the client
• The entire loan process takes less than 3 minutes for repeat applications

Loan amount and cost:

• Camel Ship offers loans up to 6,000 rupees on the first use
• The loan cost depends on the amount and the period of its use
• The loan term can be extended by paying the applicable fee
• Early repayment of the loan results in interest rate reduction
• Using a loan calculator, a loan of Rs. 3,500 with a 2% rate results in a daily fee of 70 rupees, which is approximately 2% per day. The annual percentage rate (APR) is 730%. There are no additional fees charged by the company.
• The borrower may face financial liability in case of defaulting on loan obligations to the financial partner.
• A debt-enforcement process may be initiated or claims may be transferred to third parties.
• A penalty is charged for 3, 8, 13, and 18 days of delay, calculated as a percentage of the outstanding loan amount.

Illustration of an initial loan: If you borrow Rs. 5,000 and repay the full amount after using the loan for 121 days, the service fee for the first month is zero. The total sum to be repaid would be Rs. 5,000.

Illustration of an repeat loan: If you borrow Rs. 5,000 and repay the full amount after using the loan for 121 days, the service fee for the first month is Rs.2150. The total sum to be repaid would be Rs. 8,600.