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Sri Lanka Equity Forum » Stock Market Talk » NTB rejects loan application due to a phone number. Is there any such rule?

NTB rejects loan application due to a phone number. Is there any such rule?

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am.ripaarz


Stock Analytic
Stock Analytic
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....!!!!!????  Shocked  Shocked  Shocked

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?

indi009

indi009
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@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....!!!!!????  Shocked  Shocked  Shocked

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

Brinthan

Brinthan
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Yes ..bro if the loan is clean...Clean mean without a proper security(Immovable property)...The bank will check 100% before granting a personal loan..The personal loans are high risk for a bank...The Most of the banks grant personal loan for high networthy indivuals in the society....
Some banks are give score for the avilability of land phones in their credit appracials...

Joe007


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
It depends on the banks which use their system to approve the personal loan. Most banks in the U.K require land line number not only for loan but also to open a bank account. This is kind of security measures to prevent financial fraud. It seems to that NTB is very tough bank in Srilanka on loan matters.

am.ripaarz


Stock Analytic
Stock Analytic
Thank you for the explanation

@indi009 wrote:
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

I never signed for anyone as guarantor.

@indi009 wrote:
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 

I applied just LKR 500,000 (five hundred thousand) and my basic salary is LKR 55,000. There is no any deduction in my salary except the EPF and ETF. Possible to get LKR 500,000 for my salary?

@indi009 wrote: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

I'm married and have five months old baby. 
I do not have any credit cards.
Will it be a problem?

@indi009 wrote:
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.
@Brinthan wrote:Some banks are give score for the avilability of land phones in their credit appracials..
@Joe007 wrote:Most banks in the U.K require land line number not only for loan but also to open a bank account. This is kind of security measures to prevent financial fraud.

Maybe this is the reason. They could not find a way to embarrass me if I miss paying my installment amount.

@indi009 wrote:I know this because I am working in a bank

So you know the things around this matter. Could suggest something that how can I get a personal loan from any Sri Lankan bank based on my personal details I've given above?

@Brinthan wrote:Clean mean without a proper security(Immovable property)...The bank will check 100% before granting a personal loan
Maybe this is another reason. Because the home I'm living is in my wife's name and I do not have any other immovable property except a motor bike.

@Brinthan wrote:The Most of the banks grant personal loan for high networthy indivuals in the society....
Here the universal law comes to the scene. We need money to get some money. If not, at least a rich background father..

am.ripaarz


Stock Analytic
Stock Analytic
I re-applied the loan and this time they said "You do not complete one year in your current company. As per the loan criteria, if you want to get a loan you should have been working more than a year in your present company"

Ok NTB... go suck doctors and engineers cock only....

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