LB Easy Loan

LB easy loan App gives the option of obtaining a convenient, affordable short term personal loan “LB easy loan” and assesses your eligibility for other loan products as well. LB easy loan is designed for salaried employees looking for easy short term financing with monthly rentals up to 6 months with no guarantors. For eligible borrowers loan will be disbursed to your LB CIM wallet within 1 working day. Monthly repayments can be made digitally via LB CIM wallet.

Eligibility:

* Basic salary should be above Rs. 17,000 per month
* Age should be above 18
* Should be a registered user of LB CIM Wallet


How to apply for a LB Easy Loan:

* Log in to the app by registering through your social media pages
* Fill your details and upload basic documents to initiate the digital KYC process
* Once verified, you will be notified on your eligible loan amount instantly
* Apply for a loan and once it has been approved, one of our agents will visit you to complete the KYC process


Documents required:

* Proof of identity (NIC/Passport/Driving License)
* Proof of address
* Proof of income (Pay slips and Salary account bank statements)


Repayment Period :

Minimum repayment period - 3 months
Maximum repayment period - 6 months


Minimum and Maximum Loan amounts for each Tenor :

* 3 Months Loan - Starting from Rs. 35,000 up to Rs. 100,000
* 6 Months Loan - Starting from Rs. 25,000 up to Rs. 100,000


Interest charges (Maximum APR) based on loan products:

● 3 Months @ 35.9% per annum
● 6 Months @ 33.6% per annum


Sample loan calculation (3 Months):

Loan Amount: Rs 35,000 at interest rate of 35.9% per annum
Loan Duration: 3 Months
Total Interest = Rs 2,047
Processing Fees (PF) = Rs 1,000
Stamp Duty = Rs 35 (This is to be recovered and paid to the Govt.)
Total Deductibles (PF + Stamp Duty): Rs 1,035

In-Hand Amount: Loan Amount - Total Deductibles = Rs 35,000 - 1,035 = Rs 33,965

Total Repayable Amount: Rs 37,047
No of Equal Monthly Rentals : 3
Equal Monthly Rental (EMI) Amount: Rs 12,349

** The deductibles (PF + Stamp duty) is deducted upfront during the loan disbursal.