Here’s a clear, practical guide to getting a loan online in Sri Lanka — steps, what lenders usually require, and safety tips.

1. Choose the right lender and product

• Lender types: commercial banks, licensed finance companies (LFCs), microfinance institutions, and fintech/online-only lenders.
• Product types: personal loans (unsecured), salary loans, overdrafts, microloans, business loans, and secured loans (against gold, vehicle, property).
• Pick by purpose (short-term cash vs. larger personal/business), repayment term, interest type (fixed vs. variable), fees, and prepayment rules.

2. Check eligibility and affordability

• Typical eligibility: Sri Lankan citizen or resident, age usually 18–65, minimum income requirement (varies), stable employment or business history, acceptable credit history.
• Do a quick affordability check: monthly repayment should fit your budget. Use lender calculators.

3. Prepare documents (commonly requested)

• National Identity Card (NIC) or passport.
• Recent passport-size photo.
• Proof of income: salary slips (3–6 months) or audited/stamped business bank statements/tax returns for self-employed.
• Latest bank statements (3–6 months).
• Proof of residence (utility bill, tenancy letter).
• Employer letter or contract (for salary loans).
• For secured loans, proof of ownership of collateral (e.g., vehicle papers, gold valuation).

4. Apply online (typical flow)

• Visit lender’s official website or download their app. Only use well-known licensed institutions or reputable fintechs.
• Complete the online application form (personal details, loan amount, tenure, employment).
• Upload scanned documents or take photos inside the app. Many lenders use e-KYC (electronic identity verification).
• Consent to credit checks. Lenders may check credit bureaus or bank transaction history.
• Wait for approval — many lenders give a decision within minutes to a few business days depending on verification.
• Sign the loan agreement electronically or in-branch if required.
• Funds disbursed to your nominated bank account.

5. Understand costs and terms carefully

• Interest rate (annual percentage) and whether it’s flat or reducing-balance.
• All fees: processing fee, admin fee, late payment charges, early repayment penalty.
• Repayment frequency (monthly, weekly) and amortization schedule.
• Total cost of credit (sum of principal + all interest/fees).

6. Safety and regulatory checks

• Confirm the lender is licensed/registered in Sri Lanka (banks and licensed finance companies). If using a fintech, check company registration and reviews.
• Beware of upfront “guarantee” or “release” fees demanded outside the loan contract — red flag for scams.
• Never share full internet banking passwords or OTPs. Legitimate lenders will not ask for those.
• Review the Central Bank of Sri Lanka guidelines and consumer protection information if uncertain.

7. Tips to get approved and get a better deal

• Improve your credit profile: clear existing loans, avoid missed payments.
• Provide accurate, complete documents.
• Consider shorter tenures to lower total interest (but keep monthly payments affordable).
• Compare offers from multiple lenders — use online comparison tools or aggregator apps.
• Negotiate processing fees or interest rate if you have a strong salary or collateral.

8. If you have limited formal income

• Look for lenders offering loans to self-employed or those with variable income (may need more documents).
• Microfinance institutions and some fintechs provide small-ticket loans with simplified documentation. Expect higher rates.

9. If you get into repayment trouble

• Contact the lender immediately to discuss restructuring or revised terms rather than defaulting. Many lenders offer hardship support.

If you’d like, I can:

• Outline a checklist tailored to your situation (salaried vs self-employed).
• Help draft questions to ask lenders when comparing offers.

Which would you prefer?