am.ripaarz wrote:I'm 31 years old and never had a loan/lease from any banks.
Recently I applied for a personal loan in NTB and it was rejected. Even my basic salary is LKR 55000 (fifty five thousand) and I have my salary saver account with them. I wondered.
They did not say the reason why they rejected my application then I contacted the loan agent who was the one suggested me to apply for a personal loan.
He told me "Sir my manger sent me an email and mentioned your application has no obligations and you can get a solid loan but there is an issue that your company has no any SLT
landline number"
what....!!!!!????
Is there any such a criteria that every company should has a SLT land line number if their staffs want to apply for a loan?
I asked him to forward that mail to me but he said "Sir my manager said that mail is confidential. So I can not forward that to you"
If that reason is true and if there is such a rule why that mail should be
confidential?
Why they can not just tell the reason to the public that we are following rules and legal system which not allow us not to approve a loan if your company has no SLT Landline?
As far as I know most of the companies have CDMAs only nowadays.
So all of the staffs from such companies can not get a loan from banks?
or this is also some kind of idiotic (we have many) rules which are most common in countries like India and Sri Lanka?
There can be couple of reasons to reject your application
1. Even though you have not applied for any loans you must have signed as a guarantor to another person's loan and that particular loan must have got arrears. Therefore your name is in the CRIB
2. There loan amount you have applied/requested can be more that the repayment capability of your
Ex :- If you want a personal loan of Rs.2.0 Mn to be repaid within maximum of 5 years then your monthly installment would be Rs.2,000,000/60(months) = 33,333.33 (This is the principle amount which you have to pay but on top of that you get the interest (I cannot say what is the interest amount would be since you haven't mention that) suppose it's Rs.5,000-6,000 then your monthly installment comes around Rs.40,000
Banks do not give loans if your loan installment is more that 60% of your monthly
fixed income Normally banks consider many things before giving a loan like whether you are married or not, kids, credit card limits and outstanding, other commitments...etc
Further regarding the SLT fixed line scenario. banks or any other financial institutes requests a landline for their recovery dept.
Suppose if you didn't pay your installments on time they might call your office just to pressure you to repay the debt. Recovery dept is very concern of a landline. Imagine a telephone conversation like this
NTB- hello can I speak to Mr.am.ripaaz
Telephone operator- I'm sorry sir he is not in his seat
NTB - oh...... really could you give a message to him. tell him his loan out-stand is Rs.xxxxxx and he will be transferred to the irregular section if he doesn't pay this months installment on or before xx day
Imaging the how embarrassing you will get if your office people find out that you haven't paid your loan
Even though bank has no right to divulge your information they might say that they have done it in good faith since you missed the last 2 or 3 installments and since the bank couldn't keep in touch with you via your mobile phone
I know this because I am working in a bank