Digital Loan

What is Digital Loan via mCash?
Digital Loan via mCash is a product that enables mCash customers to obtain micro loans with a short term repayment period through LOLC finance.
What are the benefits of Digital Loan via mCash?
  • Faster Loan Approval
  • Maximum Loan Value Up to 25,000 LKR
  • Repayment Period Up to 6 Months
  • 24 Hour Service
  • Withdrawals at 16,000+ Retailers
  • Withdrawals at Commercial Bank and Sampath Bank ATM’s
  • Automatic Standing Order Service on Re Payment
Who are allowed to obtain a Digital Loan via mCash?
Basic and Enhanced mCash customers are allowed to access this service.
How to obtain a Digital Loan via mCash?
A Digital Loan via mCash can be obtained by a mCash customer via USSD/APP by going through the following steps upon clicking on the Digital Loan option and selecting LOLC finance as the provider;

Before Applying for a Loan it is a must that the Customer should Check Eligibility for the Loan. Once the Customer is confirmed on the Eligibility for the Loan based on the maximum loan amounts the Customer can Apply for a Loan.

Check Eligibility: This is the instance where the customer is reviewed on his eligibility.

  • Dial #111# or Open the mCash App (Transaction Home)
  • Select Digital Loan from the Menu
  • Select LOLC Finance
  • Select Check Eligibility
  • Enter mCash PIN
  • Enter Customer NIC Number (V or X should also be entered)
  • Customer to Agree to Terms & Conditions on sharing Customer Information with LOLC Finance relating to the Mobile Number
  • A confirmation SMS will be sent to Customer instantly on the Eligibility.

Apply Loan: This is the instance where the customer will be applying for the loan based on the eligibility confirmation.

  • Dial #111# or Open the mCash App (Transaction Home)
  • Select Digital Loan from the Menu
  • Select LOLC Finance
  • Select Apply Loan
  • Select the Loan Type (Repayment Option) - 1 Month or 6 Months
  • Enter required Loan Amount
  • Agree to Loan details (Installment Value & Count) and Terms & Conditions of the Digital Loan
  • Enter mCash PIN
  • Confirmation SMS on submitting request to LOLC Finance for Loan Approval
  • If the Loan is approved Customer will receive a confirmation SMS stating to visit the nearest LOLC Branch along with the NIC and Billing Details to register and to sign the Loan Agreement with LOLC Finance
  • Upon successfully registering with LOLC Finance the approved Loan amount will be sent to the Customer mCash Account.
How can a customer check his loan outstanding and Overdue Outstanding?
  • Dial #111# or Open the mCash App (Transaction Home)
  • Select Digital Loan from the Menu
  • Select LOLC Finance
  • Select Pay My Loan
  • Select Check Over Due Amount
How can a customer pay his outstanding before the loan period?
  • Dial #111# or Open the mCash App (Transaction Home)
  • Select Digital Loan from the Menu
  • Select LOLC Finance
  • Select Pay My Loan
  • Select Pay Outstanding
Can a customer apply for a loan without checking eligibility?
No, Customer will have to pass the eligibility to apply for a loan
Can a customer request for a loan amount below the approved loan amount?
Yes, the customer can request for a loan amount below or equal to the approved loan amount but the minimum loan amount is Rs 5,000.
What is the interest rate for the digital loan obtained?
  • One Month: No interest rate but a 5% service and Rs 100 collection will be charged.
  • Six Month: 3% per month
What happens if the customer dose not settle the loan within the period?
  • A penalty fee will be charged for every installment delayed, and there after until a considerable amount of months LOLC will try to retrieve the amount via the balance remaining in the customers mCash Account.
  • If the amount cannot be recovered by the above mechanism, the LOLC recovery team will physically visit the customer location and recover the amount.
What is the penalty fee charged from LOLC?
  • One Month: 5% from the Outstanding
  • Six Month:Rs 250
How does the Customer repay the Loan Installment?
Automatically upon receiving the Loan amount to the mCash Account, a Standing Order will be created to the due date.
Will the standing order option expire?
No, the standing order will be scheduled until the loan is fully settled.
What is the correct format to enter the NIC?
Capital “V” or “X”, if the customer enters a simple “v” or “x” the request will be rejected.
Can another loan be applied while an existing loan is active?
No, another loan cannot be obtained while an existing loan is active.
What can be done with the granted loan via mCash?
  • Withdraw mCash
  • Transfer to another mCash user
  • Utility and Institute Payments
  • Pay for Shopping
Where can Customer withdraw mCash?
  • Commercial Bank ATMs
  • Sampath Bank ATMs
  • Mobitel Branches
  • SLT Teleshops
  • Singer Mega, Singer Plus, Singer Homes, Sisil World Showrooms
  • 16,000 plus mCash Retailers
What are maximum Withdrawal Per Transaction Limits?
  • Basic Account – Rs 10,000
  • Enhanced Account – Rs 25,000
What are maximum Loan Disbursement Limits for mCash Account Types?
  • Basic Account – Rs 10,000
  • Enhanced Account – Rs 25,000
Is the Customer charged for Loan Withdrawal?
Standard mCash Withdrawal fees are applicable
Will the customer have to sign a loan agreement every time he applies for a loan?
No, a loan agreement signed initially is valid for 2 years. Upon the completion of 2 years, another agreement will need to be signed.


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