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Get smart with work
Prepare well, understand the terms, and avoid the mistakes that get applications sent back.
A little preparation makes the interview faster and the form more accurate. This page is written for first-time applicants and small business owners.
Before you start
- Get the fillable PDF of the right form from your bank.
- Collect your business name, registration details, and contact information.
- Write down monthly income and monthly expenses.
- Know what the money is for and how much you need.
- Have documents such as statements and registration papers beside you for reference.
Learn the terms first
Start a chat in question mode (reply 2) and ask about anything unfamiliar. Then start the interview once you feel comfortable. On the Free plan the single chat has 10 messages, so keep your questions short.
Common terms in plain language
| Term | What it means |
|---|---|
| Collateral | Something valuable you pledge to the bank, such as property or equipment, in case you can't repay. |
| Guarantor | A person who promises to repay your loan if you can't. |
| Tenure | How long you have to repay the loan. |
| Interest rate | The cost of borrowing, shown as a percentage of the amount you owe. |
| Working capital | Money a business uses for everyday costs like stock, wages, and rent. |
| Annual turnover | Total sales your business makes in a year, before costs are taken away. |
| Profit margin | The share of your sales that is left as profit after costs. |
Review before you submit
- 1
Check the numbers
Compare income, expenses, and amounts with your records.
- 2
Check names and dates
Spelling errors are a common reason for delays.
- 3
Fill the skipped fields
Add account, NIC, or passport numbers by hand.
- 4
Ask your bank about gaps
If any box is empty, find out whether it is required.