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FAQS

Frequently asked questions

What is the eligibility to become lender at Helios?

Any Sri Lankan who meets the minimum conditions mentioned in our lender terms and conditions may sign up on our platform to lend.

What is the minimum age to invest in our platform?

If you are above 18 years of age you can sign up as a lender.

What are the applicable interest rates for borrowers on your platform?

The applicable interest rates for borrowers vary from 15% - 30 % per annum on our platform depending on the borrowers’ risk rating and tenure of the loan.

What is the different between the three categories?

HP – Helios for Public which is open to the public in Sri Lanka in general.

HERO – Helios for Employees at Registered Organizations where we have engaged with the HR departments of the relevant organization to understand when the salary cycles run for employees to setup the auto-debit process on the employee borrowers salaried account.

HELO – Helios for Employees at Leading Organizations which is a variant of

HERO, where we have not engaged with the HR department but setup the auto-debit process on the documents supplied by the employee.

How will I get my returns?

The three categories on offer will vary in ways on receiving the ROIs.

HP – Helios will deduct their monthly installment from the borrowers’ relevant bank account.
HERO – Helios will deduct the monthly instalment from the salaried account on salary day.
HELO - Helios will deduct the monthly instalment from the salaried account on salary day based on the furnished data by the borrower.

What will happen if a borrower defaults?

The borrowers have a seven-day grace period window to pay the monthly instalments every month since the day from which the payment falls due. If the payments are not made within the seven-day window an additional penal rate is applicable on the outstanding amount which the borrower is liable to repay. In the case of the borrower defaulting the payment we will be engaging our debt collection partner who will get involved to collect the debt on your behalf following up with best practices from the industry.

On what date will I receive my equal monthly installments (EMI)?

This will be determined by the start date of the loan.

How can I measure risk on loans?

We grade the loans from a scale of A to E where A represents borrowers with the highest creditworthiness and E being more indicative of a microfinance category.

How do you determine the risk grades?

Helios determines the risk rating from A to E. Helios P2P uses it proprietary analytics to risk rate the borrowers based on the supporting documents and information provided.

What kind of amount do I need to invest when facilitating loans to borrowers?

HP – Rs 50,000 for the first loan and the ability to go for a maximum of up to Rs. 200,000 subsequently. The minimum amount for a loan request is Rs 10,000.
HERO – Rs. 50,000 for non-executive employees & Rs. 100,000 for employees at executive positions and above for the first loan and the ability to go for a maximum of up to Rs. 200,000 subsequently. The minimum amount for a loan request is Rs 10,000.
HELO – Rs. 30,000 for non-executive employees & Rs. 60,000 for employees at executive position and above for the first loan and the ability to go for a maximum of up to Rs. 200,000 subsequently. The minimum amount for a loan request is Rs 10,000.

When does the loan agreement take effect?

The terms and conditions of the loan agreement is effective once the lender transfers the funds to the borrowers account.

Can I refer the loan agreement later?

Yes, the loan agreement is available to both parties to download after the transactions.

To what extent will the information of both the borrower and lender be displayed on the loan agreement?

Only the name and NIC numbers of both parties will be displayed on the loan agreement.

Are there any additional transactional fees involved when investing?

There are no additional transactional fees from Helios P2P. The lender can decide on which way they wish to make the transfer to the borrower via a bank account

How many products are on offer at Helios?

There are currently three products on offer at Helios

HP – Helios for Public
HERO – Helios for Employees at Registered Organizations
HELO – Helios for Employees at Leading Organizations

Can I apply for a loan under the HP category?

You can apply for a loan under the HP category only if your permanent residence is within the Western province.

What are the maximum amounts that can be obtained a loan from each product on offer?

HP – Rs 50,000 for the first loan and the ability to go for a maximum of up to Rs. 200,000 subsequently. The minimum amount for a loan request is Rs 10,000.
HERO – Rs. 50,000 for non-executive employees & Rs. 100,000 for employees at executive positions and above for the first loan and the ability to go for a maximum of up to Rs. 200,000 subsequently. The minimum amount for a loan request is Rs 10,000.
HELO – Rs. 30,000 for non-executive employees & Rs. 60,000 for employees at executive position and above for the first loan and the ability to go for a maximum of up to Rs. 200,000 subsequently. The minimum amount for a loan request is Rs 10,000.

What are the documents required to be submitted for borrowers under the HP category?

A recently obtained letter of employee confirmation address to the company
Salary slips for the for the previous two months
Copy of the bank passbook name and account number visible
Copy of the NIC
Utility bill coming under you name
CRIB I-report

What are the documents required to be submitted for borrowers under the HERO category?

A recently obtained letter of employee confirmation address to the company
Salary slips for the for the previous two months
Copy of the bank passbook name and account number visible
Copy of the NIC

What are the documents required to be submitted for borrowers under the HELO category?

A recently obtained letter of employee confirmation address to the company
Salary slips for the for the previous two months
Copy of the bank passbook name and account number visible
Copy of the NIC
Utility bill coming under you name

What are the eligibility criteria to be a HERO borrower?

You employer should be registered with Helios
Your monthly salary should be transferred to a bank account
You must have a debit card for your salaried account
You must be a permanent employee in your organization

What are the eligibility criteria to be a HELO borrower?

Your monthly salary should be transferred to a bank account
You must have a debit card for your salaried account
You must be a permanent employee in your organization

What are the interest rates inquired for borrowers?

1.25% to 2.5% monthly interest rate

What are the payback methods for each category?

HP – The borrower must deposit the intended installment amount to the relevant bank
HERO – Helios will deduct the relevant installment amount from the borrower’s salaried account.
HELO - Helios will deduct the relevant installment amount from the borrower’s salaried account.

What if I could not pay the monthly installment amount on time?

The borrower has a seven-day grace period to pay up the loan after which a penalty is charged on the outstanding amount which the borrower is liable to pay.

How long will it take to obtain my loan?

If there is no issue with you documents, you will obtain your loan within one to three working days after submitting your relevant documents.

Are there any additional payments included in the repayment process?

You will have to pay the equal monthly installments including the Helios P2P origination fee and 2.79% transaction fee based on your installment amount to our online payment partner.

How does the rating process happen?

Helios determines the risk rating from A to E. Helios P2P uses it proprietary analytics to risk rate the borrowers based on the supporting documents and information provided.

How can I pay the monthly installments?

Please make sure you have the online purchasing facility on you debit card before entering its details into our system.

My salaried account is at Bank of Ceylon (BOC) and I do not have the online

purchasing facility on my debit card what should I do? If you have an account in another bank with the online banking facility, you can request a standing order from your BOC account of the installment amount to be transferred to the second bank account and share the standing order details with us.

What is the eligibility for me to apply for a second loan?

You should complete all the repayments on your first loan and there should be no late payments in the repayment process of your first loan.

How can I apply for a second loan?

Click on the “add new loan” button on your dashboard and fill out a new loan application and upload updated documents prior to submitting your new loan application.

Can I apply for multiple loans at the same time?

You cannot apply for multiple loans at the same time.

What can I do of the utility bill does not come under my name?

If the utility bill comes under the name of a family member, make sure to attach a copy of your birth certificate alongside the utility bill, and upload it.

I am eligible to get a loan from the HELO category, but I live under rent what should I do then?

Make sure to send us a copy of the rent agreement and a Gramasewaka certificate so that we could ensure the validity of your residence.

From where else can I obtain my CRIB I-Report other than from my bank?

You can easily obtain your CRIB I-Report within 15 minutes by visiting the Credit Information Bureau Office located at No. 25 Sir Baron Jayatilaka Mawatha Colombo 01.

How should I upload my relevant documents to the site?

Make sure to upload all relevant documents in a PDF format not exceeding 2MB.

What is the maximum age for a person to register as a borrower on the platform?

A borrower should be above the age of of 18 to apply for a loan on our platform.