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  • Top Online Loan Providers in Sri Lanka: Comparing Interest Rates and Terms

    Top Online Loan Providers in Sri Lanka: Comparing Interest Rates and Terms

    In recent years, Sri Lanka has seen significant growth in the digital financial sector, with many online loan providers offering convenient, accessible options for borrowing money. Whether you’re looking to finance personal needs, manage debt, or start a business, the availability of online loans has made the process faster and easier. However, choosing the right loan provider is crucial to ensure that you get the best deal in terms of interest rates, repayment terms, and loan amounts.

    This article will examine the top online loan providers in Sri Lanka, comparing their interest rates, loan terms, and key features to help you make an informed decision.

    1. Kiva Sri Lanka

    Kiva Sri Lanka is part of the global Kiva network, which allows individuals to lend money to people in need. In Sri Lanka, Kiva has become a popular platform for microloans, helping individuals access small loans for various purposes, such as education, business expansion, and more.

    Key Features:

    • Loan Amount: Up to LKR 500,000
    • Interest Rate: 8% to 12% per annum
    • Loan Term: 6 to 24 months
    • Repayment Method: Monthly installments
    • Eligibility: Must have a steady source of income

    Kiva’s online loan platform is an excellent option for those who need smaller loans with relatively low-interest rates. Moreover, the platform provides flexible repayment terms, making it a great choice for individuals in need of short-term financial assistance.

    2. People’s Bank Online Loans

    People’s Bank is one of Sri Lanka’s largest state-owned banks, and they offer various online loan products. The bank’s online loan application process is straightforward, and customers can apply for personal loans, business loans, and more through the bank’s website.

    Key Features:

    • Loan Amount: Up to LKR 3,000,000
    • Interest Rate: Starting from 11% per annum
    • Loan Term: 1 to 5 years
    • Repayment Method: Monthly, through direct debit
    • Eligibility: Must be a Sri Lankan citizen with a stable income

    People’s Bank’s online loan services cater to individuals seeking both short-term and long-term financial solutions. The interest rates are competitive, and the loan application process is simple, making it a popular choice among Sri Lankans.

    3. Dialog Finance Loans

    Dialog Finance, a subsidiary of Dialog Axiata, is another prominent online loan provider in Sri Lanka. Known for its innovative financial solutions, Dialog Finance offers personal loans and small business loans via its easy-to-use platform.

    Key Features:

    • Loan Amount: Up to LKR 2,000,000
    • Interest Rate: 14% to 20% per annum
    • Loan Term: 1 to 5 years
    • Repayment Method: Monthly installments
    • Eligibility: Requires a stable income source and credit check

    Dialog Finance provides online loans with competitive rates, though the interest rates can be higher than some other lenders. However, their loan approval process is fast, which is beneficial for those in urgent need of funds.

    4. HNB Online Personal Loans

    Hatton National Bank (HNB) is one of Sri Lanka’s leading private banks, offering a range of financial products including personal loans. With HNB’s online loan services, borrowers can quickly apply for loans and receive funds without needing to visit a bank branch.

    Key Features:

    • Loan Amount: Up to LKR 5,000,000
    • Interest Rate: From 13% per annum
    • Loan Term: 1 to 7 years
    • Repayment Method: Fixed monthly payments
    • Eligibility: Must be employed with proof of income

    HNB’s online loan products are well-suited for those looking for larger loan amounts with longer repayment terms. The bank’s extensive network ensures a reliable service, and its customer support is highly rated.

    5. LB Finance Online Loans

    LB Finance offers both personal and business loans in Sri Lanka through their user-friendly online platform. Known for its competitive interest rates and flexible repayment plans, LB Finance has gained popularity among Sri Lankans seeking financial assistance.

    Key Features:

    • Loan Amount: Up to LKR 3,000,000
    • Interest Rate: 10% to 18% per annum
    • Loan Term: 1 to 5 years
    • Repayment Method: Monthly installments
    • Eligibility: Requires proof of income and credit history check

    LB Finance’s online loans are an excellent choice for those who need financial assistance with flexible repayment terms. Their competitive rates make them one of the best options in the country.

    6. Zurich Microfinance

    Zurich Microfinance is another online loan provider in Sri Lanka that offers a variety of loans for personal and business needs. They cater to a wide range of customers, including low-income individuals, and provide loans with relatively low-interest rates.

    Key Features:

    • Loan Amount: Up to LKR 500,000
    • Interest Rate: 9% to 15% per annum
    • Loan Term: 6 months to 3 years
    • Repayment Method: Monthly installments
    • Eligibility: Must have a stable income and good credit history

    Zurich Microfinance is a great option for those looking for smaller loans with lower interest rates. Their flexible loan terms and customer-centric approach have made them a popular choice among Sri Lankans.

    How to Choose the Best Online Loan Provider

    When selecting the right online loan provider, consider the following factors:

    1. Interest Rates: Lower interest rates will save you money in the long run.
    2. Loan Amount and Term: Choose a loan provider that offers the loan amount you need with flexible terms.
    3. Repayment Method: Make sure the repayment schedule is manageable for your financial situation.
    4. Eligibility Criteria: Ensure you meet the requirements to avoid loan rejection.
    5. Customer Support: Look for a provider with good customer service to help with any issues that arise during the loan process.

    In conclusion, online loan providers in Sri Lanka have made it easier than ever to access the funds you need, whether for personal or business purposes. By comparing interest rates, loan terms, and other features, you can choose the right provider that fits your financial needs. Always take the time to read the fine print and ensure that you are getting the best deal available

  • Sri Lanka widens curfew after mosques attacks

    Sri Lanka widened a curfew on Monday after attacks on mosques and Muslim-owned businesses in the worst unrest since Easter bombings by militants.

    The country also blocked Facebook and WhatsApp to stop people inciting violence.

    The island nation has ramped up security as fears grow that minority Muslims among its population of 22 million could face sectarian violence after bombers blew themselves up in four hotels and three churches, killing more than 250 people.

    Several mosques and Muslim homes were damaged in an attack overnight in the Western district of Kurunegala, the Muslim Council of Sri Lanka and residents said.

    Police arrested a group of men for the attacks but people in the mostly Buddhist district then demanded their release, military spokesman Sumith Atapattu said.

    “To control the situation, a police curfew was imposed during the night,” he said.
    Later on Monday, authorities extended the curfew to more villages in Kurunegala district to restore order.

    April’s bombings claimed by Islamic State have shocked the island nation of 22 million people, more than 70 per cent of whom are Sinhalese Buddhists and the rest Muslims, Hindus and Christians.

    Since the bombings, Muslim groups say they have received dozens of complaints about people being harassed.

    There was glass everywhere at the Abrar mosque in the Muslim-majority town of Kiniyama that was attacked overnight.

    All the windows and doors of the soft-pink building were smashed and copies of the Quran were thrown onto the floor.

    Seven bikes parked outside were damaged.

    A mosque official said the attacks were triggered when several people, including some Buddhist monks, demanded a search of the main building after soldiers had inspected a 105-acre (43-hectare) pond nearby.

    “When Muslims tried to prevent the attack, we were asked by police to go inside,” the official said.

    Authorities imposed a temporary ban on social media networks and messaging apps after a clash in another part of the country was traced to a dispute on Facebook.

    Several dozen people threw stones at mosques and Muslim-owned stores and a man was beaten in the Christian-majority town of Chilaw on the West coast on Sunday in the dispute that started on Facebook, police sources and residents said.

    Authorities said they arrested the author of a Facebook post, identified as 38-year-old Abdul-Hameed Mohamed-Hasmar, whose online comment “1 day u will cry” people said was interpreted as threatening violence.

    “Social media blocked again as a temporary measure to maintain peace in the country,” Nalaka Kaluwewa, Director-General of the government information Department, said on Monday.

    On Twitter, Sri Lanka’s leading mobile phone operator, Dialog Axiata Plc, said it had also received instructions to block the apps Viber, IMO, Snapchat, Instagram and Youtube until further notice.

     

  • Sri Lanka bans face coverings in wake of Easter bombings

    Sri Lanka has banned all kinds of clothing that cover the face and prevent identification, such as niqabs and burqas, officials said on Sunday, a week after the Easter bombings that left over 250 people dead.

    The ban does not directly refer to Muslim female garb, burqa and niqab, but was seen as a clear reference to the type of dress.

    A statement from the office of the president said the ban was being introduced from Monday under new regulations brought under a state of emergency in response to the Easter bombings in the capital, Colombo.

    Sri Lanka’s Justice Ministry had already been considering introducing laws preventing wearing of Burqa and Niqab, but has expedited the ban.

    On Sunday, a group of Muslim leaders had called on community members to refrain from wearing clothing in a manner that obstructs identification of persons.

    Most of those killed in the Easter Sunday attacks were Sri Lankans.

    The dead also included 40 foreigners, including British, U.S., Australian, Turkish, Indian, Chinese, Danish, Dutch and Portuguese nationals.

    More than 100 people, including foreigners from Syria and Egypt, have been detained for questioning over the Easter attacks.

    The Sri Lankan military said at least 15 people were killed during a fierce gun battle with militants on the east coast on Friday, including six children.

    Sri Lanka’s 22 million population is majority Buddhist and includes minority Christians, Muslims and Hindus. (dpa/NAN)

  • Muslim group condemns killings in Sri Lanka, Nigeria

    A Muslim group, “Muslims against Terror” has strongly condemned last week’s bomb attacks in Sri Lanka which killed both Christians and Muslims in their respective places of worship by yet-to-be identified suspected terrorist group.

    In a release made available to The Nation by the spokesman of the group, Doctor Ahmad Amadi Jnr, the group said that they were shocked over the deadly attacks in Mosques, Churches and others that led to the killing of innocent people and wounded others in New Zealand, Sri Lanka, Nigeria respectively.

    “We are horrified by the news that Muslims, Christians in New Zealand, Sri Lanka were attacked and killed during worship on Friday Prayer and on Easter service”. The assaults in the mosque, churches, appeared to be a well-planned ‘’terrorist attack”.

    “Such acts of violence, killing on worshippers are acts of violence against all beliefs and denominations and against all those who value the freedom of religion and choice to worship”.

    According to the group, attacking innocent people is not courageous; it is stupid and will be punished on the Day of Judgment. … It’s not courageous to attack innocent children, women and civilians. It is courageous to protect freedom; it is courageous to defend oneself and not to attack.

    “We express our deepest sympathies and sorrow. We condemn, in the strongest terms, the incidents, which are against all human and Islamic norms. This is grounded in the Noble Laws of Islam which forbid all forms of attacks on innocents. God Almighty says in the Holy Qur’an: ‘No bearer of burdens can bear the burden of another’ (Surah al-Isra 17:15).

    Read Also: Sri Lanka attacks: Death toll hits 290

    The group who called for the apprehension of the perpetrators and their sponsors said “All Muslims ought to be united against all those who terrorize the innocents, and those who permit the killing of non-combatants without a justifiable reason.

    “Islam has declared the spilling of blood and the destruction of property as absolute prohibitions until the Day of Judgment. … [It is] necessary to apprehend the true perpetrators of these crimes, as well as those who aid and abet them through incitement, financing or other support. They must be brought to justice in an impartial court of law and [punished] appropriately. … [It is] a duty of Muslims to participate in this effort with all possible means.”

    ‘’We called upon the international community to close ranks and uproot the scourge of terrorism in order to ensure international Peace and Security’’. Terrorism, religious hatred and intolerance cannot be allowed to win.

    “We must stand together to make sure that no one should ever have to practice their faith in fear.

    “We condemn the attacks, killing on the places of worship of our Muslims, Christians, brothers and sisters on their holy day of worship, as well as on the hotels in Colombo and the people killed in Nigeria etc.

    “On behalf of Muslims Against Terror, we offer our deepest condolences to the families of the victims who had gathered to worship peacefully and were killed by the terrorists. Our thoughts and solidarity are with New Zealand’s Muslim community, the Christians community in Sri Lanka and all of its people on this dark day,”  We pray for the recovery and the healing of all those injured in the attacks.

    “We call upon his Excellency, President Maithripala Sirisena and the Government of Sri Lanka, New Zealand, Nigeria etc. to conduct a comprehensive inquiry and bring the perpetrators of the heinous crime to justice.

    “We stand with victims in solidarity during these difficult times.

    “We pray for Peace, Love Freedom and Security to return to Sri Lanka, New Zealand, Nigeria and the world this year in the name of Allah (God) our Lord we pray (Ameen).

    “May Allah (God) guide them and protect us all (Ameen), the release read.

     

  • Breaking: Shoot out as police raid suspected bomb factory in Sri Lanka

    A shootout has been reported in Sri Lanka as armed forces raided a suspected bomb factory.

    The army and police were attempting to search a location thought to have been used to manufacture suicide vests when they were shot at.

    The incident happened in Kalmunai, south of Batticaloa, in the wake of the Easter Sunday bombings that left more than 250 dead. (Skynews)

    Details shortly…

  • Suicide bomb attacks: Officials arrest 16 more suspects in Sri Lanka

    Police have arrested another 16 people in connection to a series of bombings in Sri Lanka over Easter weekend which claimed at least 359 lives, officials said on Thursday.

    Fresh security measures, including a ban on the use of drones, were introduced as police and security forces continued in their efforts to crack down on the network of people involved in the bombings.

    The latest arrests brought the number of suspects in detention up to 76.

    Vehicles used by the suspects have also been seized in the operations.

    Teams from the United States’ Federal Bureau of Investigation (FBI) and from international police organisation Interpol were in the country assisting local investigators.

    The Civil Aviation Authority (CAA) also banned the use of drones and unmanned aircraft within Sri Lankan airspace until further notice.

    Tight security was maintained around hotels, places of worship and government buildings with authorities carrying out random checks on cars and passenger buses.

    Read Also: Sri Lanka attacks: Death toll hits 290

    On Wednesday, Sri Lankan President Maithripala Sirisena directed two top officials to step down amid allegations they failed to share intelligence reports with him about possible suicide attacks which were available to officials earlier in March.

    Sirisena claimed that Defence Secretary, Hemasiri Fernando and Inspector-General of Police, Pujith Jayasundara also failed to inform Prime Minister, Ranil Wickremesinghe and his cabinet.

    The country has been under a state of emergency since late on Monday.

    NAN

  • Grieving relatives bury dead in Sri Lanka amid new security fears

    Sri Lanka buried more of its dead on Tuesday from suicide bomb attacks on churches holding Easter services and luxury hotels that killed 321 people in the country’s worst violence in a decade.

    More than 1,000 mourners gathered at the St. Sebastian church in the coastal city of Negombo, just north of the capital, Colombo, where more than 100 parishioners were killed as they worshiped on Sunday morning.

    The ceremony began with prayers and singing under a tent put up in the church courtyard.

    Pall-bearers dressed in white then carried in the coffins one by one.

    Relatives gathered around the wooden coffins, crying and comforting each other.

    Some were overcome by the grief and sweltering heat and needed support from family members.

    Cardinal Malcolm Ranjith, the archbishop of Sri Lanka, who led the service, urged other churches to delay memorials amid fears that more bombers may be at large.

    “The security forces have not cleared the situation yet … there could be more attacks on public gatherings,” he said.

    “I urge priests to not conduct any service at churches until I notify.’’

    Read Also: Hundreds killed in Sri Lanka Easter attacks

    Most of the 321 dead and 500 wounded were Sri Lankans, although government officials said 38 foreigners were killed.

    The bombs shattered a relative calm in the Buddhist-majority Indian Ocean Island since a bitter civil war fought by Tamil separatists ended 10 years ago and raised fears of a return to sectarian violence.

    Sri Lanka’s 22 million people include minority Christians, Muslims and Hindus.

    Up to now, Christians had largely managed to keep out of the worst of the island’s conflict and communal tensions.

    A senior Buddhist leader, who attended the St. Sebastian service appealed for unity.

    “Buddhism is about love and compassion, so is Catholicism. The roots are the same. I have come in this spirit,” said Chief Incumbent of the Dharmayathanaya Temple, Venerable-Elle Gunawansa-Thero.

    “In this country we are branches of the same river, of the same tree. We have to stick together,” he said.

    Similarly, Islamic State says its members were behind the Easter Sunday suicide bombings in Sri Lanka, in a statement carried by the extremist group’s mouthpiece Amaq.

    NAN

     

  • Google searches for Notre Dame outnumber Sri Lanka attacks

    Searches for the Sri Lanka blasts outnumbered those of the Paris fire in only three countries.

    The fire which ravaged France’s iconic Notre Dame Cathedral received seven times more searches on Google than the bombings which rocked Sri Lanka on Easter Sunday and killed nearly 300 people.

    According to data retrieved from Google Trends, search results for both disasters has since plateaued, but comparisons between both stories reveals that worldwide search interest was at least seven times greater for the keywords “Notre Dame” over “Sri Lanka” during this past week.

    Within 24 hours of both incidents, Trends says that the Notre Dame fire recorded between five and nine times more search interest than Sri Lanka.

    There were no deaths reported in the April 15 fire which tore through Paris’ historic gothic Cathedral but analysis of the data reveals that it was only in three countries, neighboring India, Indonesia and the United Arab Emirates in which searches for the Sri Lanka blasts outnumbered those of the Paris fire.

    More than 500 people were injured in the attacks on April 21, which saw a series of coordinated bombings against churches and hotels in the island nation.

    Most of the victims were Sri Lankans, however, dozens of foreigners are also among the dead.

    So far there has been no claim of responsibility.

    Sri Lanka’s health minister claimed that a local organisation was linked to the string of bombings.

    Read Also: Serial blasts kill over 200 in Sri Lanka

    Rajitha Senaratne on Monday blamed President Maithripala Sirisena’s government for failing to act on intelligence shared 14 days before the blasts.

    While Google does not release the exact numbers of searches, according to Trends, France, Mexico, Argentina, Italy and Brazil all reported 90 percent more searches for Notre Dame over Sri Lanka.

    Aljazeera

     

  • Sri Lanka attacks: Death toll hits 290

    The death toll in Sri Lanka has soared to 290 after a wave of blasts hit churches and luxury hotels across the country on Sunday.

    Police said 24 people had been arrested, but it is not yet known who carried out the attacks.

    About 500 people are injured and at least 35 foreigners are among the dead.

    The Easter Sunday bombings were the deadliest violence Sri Lanka has witnessed since the end of the country’s civil war in 2009.

    Late on Sunday, Sri Lankan Prime Minister Ranil Wickremesinghe said security services had been “aware of information” of possible attacks but that the information had not been acted upon.

    A curfew is to be imposed from 20:00 (14:30 GMT) until 04:00 on Tuesday, the government said.

    The first reports of explosions came at about 08:45 local time with six blasts reported within a small space of time.

    Read Also: Sri Lanka signs port deal with China

    Three churches in Negombo, Batticaloa and Colombo’s Kochchikade district were targeted during Easter services.

    Blasts also rocked the Shangri-La, Kingsbury and Cinnamon Grand hotels in the country’s capital.

    All the attacks were carried out by suicide bombers, reports said.

    Police then carried out raids on two addresses and there were explosions at both.

    One was in Dehiwala, southern Colombo, and the other was near the Colombo district of Dematagoda in which three officers were killed.

    The air force said an improvised explosive device – a 6ft-long [1.8m] plastic pipe packed with explosives – had been found and disposed of near the country’s main airport in the capital, Colombo.

    Police have not provided a breakdown of how many were killed and wounded at each location.

    The government has urged people not to speculate about who could be behind the attacks and restricted access to social media in the aftermath of the bombings.

    No information has been given on the identity of the 24 people arrested.

    Addressing reports that officials had had prior intelligence of forthcoming attacks, Mr Wickremesinghe said: “We must look into why adequate precautions were not taken. Neither I nor the ministers were kept informed.”

    BBC

     

     

  • Hundreds killed in Sri Lanka Easter attacks

    About 207 people have been killed and 450 hurt in explosions at churches and hotels in Sri Lanka, the police said yesterday.

    Eight blasts were reported, including at three churches in Negombo, Batticaloa and Colombo’s Kochchikade district during Easter services.

    The Shangri-La, Kingsbury and Cinnamon Grand hotels and one other, all in the capital, were also attacked.

    A national curfew has been put in place “until further notice” and social media networks have been temporarily blocked.

    A foreign ministry official said 27 foreign nationals were among the dead.

    Reports said seven people have been arrested, but it is not yet clear who is responsible for the attacks.

    The first reports of explosions came about 08:45 (03:15 GMT) local time – with six blasts reported close together at churches and luxury hotels.

    St Sebastian’s church in Negombo was severely damaged in one explosion, with dozens killed.

    There were also heavy casualties at the site of the first blast in St Anthony’s, a popular shrine in Kochchikade, a district of Colombo.

    Robert Tyler, who has lived in Sri Lanka for six years, told said about two of the hotels appeared to have had their restaurants targeted at a busy time for breakfast.

    The UK’s High Commissioner to Sri Lanka, James Dauris, said British citizens were caught up in the explosions, but has not confirmed further details.

    One Dutch national is among the dead, Foreign Minister Stef Blok said in a statement. Two Turkish citizens were also killed.

    A seventh explosion was later reported at a hotel near the zoo in Dehiwala, southern Colombo, with police sources reporting two deaths.

    An eighth explosion was reported near the Colombo district of Dematagoda. Reports said a suicide bomber and three people believed to be security personnel were killed during a police raid.

    Local media reports that the military have been deployed and security tightened at the country’s main Bandaranaike International Airport.

    Colombo resident Usman Ali said there were massive queues as he joined people trying to donate blood.

    He said: “Everyone had just one intention and that was to help the victims of the blast, no matter what religion or race they may be. Each person was helping another out in filling forms.”

    “Overwhelming response at the National Blood Centre. It’s so overcrowded they cannot control the crowd. Currently they are sending back people who have come after taking down name, contact and blood group. Don’t rush there now go leisurely as the crowd subsides,” Ali tweeted.

    There have been rumours of more attacks and people have been told to stay inside their houses and remain calm. But there is some element of panic.

    There is a heavy military presence in front of all major state buildings.

    President Maithripala Sirisena, in a statement, urged the people to remain calm and support the authorities in their investigations.

    Prime Minister Ranil Wickremesinghe chairs an emergency meeting. He said: “I strongly condemn the cowardly attacks on our people today. I call upon all Sri Lankans during this tragic time to remain united and strong.”

    Announcing the curfew, Defence Minister Ruwan Wijewardane said: “We will take all necessary action against any extremist group that is operating in our country. All the culprits have been identified and would be taken into custody as soon as possible.”

    President Muhammadu Buhari, Catholic pontiff Pope Francis and other world leaders yesterday condemned the multiple suicide attacks in Sri Lanka that killed more than 200 people.

    They described the early morning attacks as dastardly and cowardly, pledging their solidarity with Sri Lanka people in the elimination of such heinous crimes.

    Pope Francis, in his traditional Urbi et Orbi speech at the Vatican, condemned the attacks as “such cruel violence” which had targeted Christians celebrating Easter.

    Cardinal Archbishop of Colombo, Malcolm Ranjith, said: “It’s a very difficult and a sad situation for all of us because we never expected such a thing to happen and especially on Easter Sunday.”

    UK Prime Minister Theresa May tweeted condolences, saying the “acts of violence against churches and hotels in Sri Lanka are truly appalling”.

    US President Donald Trump tweeted “heartfelt condolences for the horrible terrorist attacks”.