- Working Capital loans for Tourist Resorts, other businesses and freelancers.
Users Tourist Resorts
Businesses with an operating income of above MVR 10 million in year 2019Loan issuing Institution Bank of Maldives Maximum Amount Resorts – MVR 7.1 million
Other businesses – MVR 1.0 millionInterest Rate 6% Grace Period 6 months Repayment Period 3 years Government Requirements Tourist Resorts- priority given to resorts with a higher Maldivian-ownership ratio and with a local workforce of 45% or above. Also, whether the resort holds Non-performance assets, profitability of the resort in 2019 and positive cash flow projections in coming 3 years will be taken into consideration. Other Businesses- priority given to businesses with a higher Maldivian-ownership ratio. Also, whether the business holds Non-performance assets and profitability of the business in 2019 will be taken into consideration.
Priority will be given to resorts and other businesses who have not laid-off local employees or forced employees to opt for No-Pay leaves.
Bank of Maldives Covid-19 Recovery Scheme
Users Businesses with an operating income of below MVR 10 million in year 2019 Loan issuing Institution SDFC Interest Rate 6% Grace Period
6 months Repayment Period 3 years Government Requirements Must be an existing business in operation Annual sales turnover for the previous year must not exceed MVR 10 million
Business must not have laid off any employees due to Covid-19 outbreak and during the funding period
Users Self-employed Individuals / Freelancers Loan issuing Institution SDFC Interest Rate 6% Grace Period 6 months Repayment Period 3 years Government Requirements Must have worked in 06 months of the last 12 months and earned a verifiable income during this period
FAQs of SDFC Viyafaari Ehee
1. Is a security / mortgage required to apply for the loans?
No, Loan is unsecured. Mortgage / security is not required.
2. Can a business apply even if it has an existing loan with SDFC?
Yes. Businesses with an existing loan are eligible to apply.
3. How can you apply for this loan?
Loan application is done online via SDFC customer portal. You are required to have an eFaas to login to the online portal. Loan application approval and status can be checked from the online portal
- Deferment of loan repayments & interest payments by 6 months to Bank of Maldives and HDFC Customers
- BML customers with personal, housing or business loans are eligible for the moratorium from 1st March 2020 until end of September 2020.
- BML requires customers to have cleared all its overdue loan repayments to be eligible for the moratorium. The moratorium allows a deferment of monthly principal and interest repayments for 6 months to help individuals and businesses manage during this difficult period. Further, the bank will reduce the repayment amount by 20% for the next 6 months. Also, the loan period would be extended by 6 months to ease repayment of the accrued amounts.
- It is to be noted that the debt moratorium is optional and individuals and businesses who are able to make their loan repayments as per the existing schedule can opt to do so.
- HDFC offers the deferment for customers with housing finance loans taken under HDFC AMNA. Customers who have made regular repayments will be eligible for the deferral. An additional 6 months will be added to the current period of the loan for customers who chose to differ the repayments.
HDFC Covid-19 Relief Plan Application Form
3. Deferment of loan repayments for SDFC loans by 6 months starting from March 2020 and interest rates for these loans are reduced to 4% for this period.
4. Deferment of loan repayments by 6 months starting from March 2020 for loans issued under National Student Loan Scheme.
5. Individuals who lose employment due to Covid-19 will receive a special allowance from government for 3 months beginning from April 2020.
- The allowance will be received at the end of each month
- Individuals are required to register on the JobCenter portal to claim the allowance
6. 40% subsidy on electricity bills for the month of April & May
7.30% subsidy on water bills for the month of April & May