Services
Reliance Microfinanace
How Can We Help You?
With microfinance, vocational training, and skill acquisition fund arrangements, we help our customers achieve their business goals and improve their level of living. We are empowering access to responsible, innovative, and impactful financial services for supporting them to be a workforce, contributing towards the expansion of Sri Lanka’s economy, based on our years of expertise in the business.
We can help MSME’s as well as others by funding them. It boosts general economic advancement while creating new employment possibilities and company tycoons. Our microfinance branches are spread around Sri Lanka, with more on the way, to serve consumers in all areas.
01 Micro Credit Facilities
Microcredit facilities are financial services and small loans provided to low-income individuals, particularly those who lack access to traditional banking and financial institutions. These facilities are designed to support entrepreneurship and alleviate poverty by offering small, short-term loans, savings accounts, and other financial products to help individuals and small businesses meet their basic needs and invest in income-generating activities.
Microcredit facilities are an essential tool in fighting poverty and promoting economic empowerment, as they provide individuals and communities with the means to generate income, build assets, and improve their overall quality of life. These facilities are often part of broader microfinance initiatives that offer a range of financial services beyond credit, such as savings accounts and insurance products.
02 Reliance Business Loans
A business loan is a financial arrangement in which a lending institution, such as a bank or a commercial lender, provides funds to a business entity for various purposes, typically with the expectation of repayment over a specified period, often with interest. These loans are instrumental for businesses to cover a wide range of expenses, including working capital, expansion, equipment purchases, inventory management, or even to address financial emergencies. Business loans come in various forms, such as term loans, lines of credit, SBA (Small Business Administration) loans, and more, each tailored to meet the specific financial needs of a company. These loans play a crucial role in facilitating the growth and stability of businesses by providing access to capital necessary for their operations and development.
03 Consumer Loans
Consumer loans, also known as personal loans or consumer credit, are financial products provided by banks, credit unions, and other financial institutions to individuals for various personal purposes. These loans are typically unsecured, meaning they do not require collateral, such as a car or home, to secure the debt. Consumers can use these loans for a wide range of purposes, including debt consolidation, home improvements, education expenses, medical bills, and other personal financial needs.
Consumer loans provide individuals with access to funds when they need them, allowing them to meet their financial goals and address unexpected expenses. However, borrowers should exercise caution when taking on consumer debt to ensure they can comfortably manage the monthly payments and avoid falling into a cycle of excessive debt.
04 Reliance Auto Loan
An auto loan is a financial arrangement that allows individuals to purchase a vehicle, typically an automobile, by borrowing money from a lending institution, such as a bank, credit union, or online lender. This type of loan is specifically designed for the purpose of buying a car and is characterized by several key features. First, the borrower receives a lump sum of money, which covers the cost of the vehicle. In return, they agree to repay the loan amount over a predetermined period, often in monthly installments, with interest added. The interest rate can vary based on the borrower’s creditworthiness, the lender’s policies, and prevailing market rates.
Auto loans make it more affordable for people to acquire a car, as they can spread the cost over time, rather than having to pay the full price upfront. Additionally, the vehicle being financed usually serves as collateral, which means the lender can repossess it if the borrower fails to make their payments as agreed. Auto loans are a common means of financing the purchase of cars, trucks, and other motor vehicles.
05 Reliance Quick Lease
A “quick lease” typically refers to a rental agreement or contract for the use of property or assets that can be expedited and executed rapidly. This type of lease is often used in situations where time is of the essence, and both parties involved want to initiate the leasing process swiftly, without extensive negotiations or delays. Quick leases are commonly employed in real estate, equipment leasing, and various other business arrangements, allowing for a more efficient and streamlined process in acquiring or providing access to assets or properties.
06 Reliance Property Loan
The property itself serves as collateral for the loan, which means that if the borrower fails to make the required payments, the lender has the right to take possession of the property through a legal process called foreclosure. Property loans are secured loans, and the collateral provides a level of security for the lender, making it less risky compared to unsecured loans.
Property loans come in various forms, including fixed-rate mortgages, adjustable-rate mortgages, and interest-only mortgages, each with its own terms and conditions. The terms of the loan, including the interest rate, repayment period, and down payment requirements, can vary widely based on the borrower’s creditworthiness, the lender’s policies, and prevailing market conditions.
07 Hitha Mithuru
Hitha Mithuru Loans are characterized by their relatively small loan amounts, simple application processes, and low interest rates. They aim to empower individuals and small businesses to improve their economic circumstances by offering them access to capital. These loans can be used for a variety of purposes, such as starting or expanding a small business, covering education expenses, or addressing immediate financial needs.
The key feature of Hitha Mithuru Loans is the emphasis on community involvement and support. They often operate through local microfinance institutions or community-based organizations, which helps build trust within the community and ensures that the loans are used for productive purposes. Repayment terms are typically flexible, making it easier for borrowers to pay back the loan according to their financial capabilities.
08 Reliance Daily Loan
Daily loans are often used by businesses or individuals who require short-term funding for various purposes, such as covering operational expenses, addressing unexpected emergencies, or seizing time-sensitive opportunities. The frequent, smaller payments can help borrowers manage their cash flow more effectively, but it’s essential to be aware that the interest costs on daily loans can be higher compared to loans with longer repayment terms.
These loans are generally associated with higher interest rates due to the quicker repayment schedule, making them suitable for those who need immediate access to funds but can repay the loan swiftly. It’s important for borrowers to carefully consider the terms and costs of daily loans and ensure they have a solid plan for repayment to avoid accumulating excessive interest.