SDFC extend deadline for moratorium application

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Maldives President inaugurates SDFC | Photo: President’s Office

The SME Development Finance Corporation (SDFC) confirm extending the deadline for moratorium applications.

As such, the corporation notes extending the period for applicants to apply for deferrals for loan repayments till 8 October 2020.

Moreover the Covid-19 pandemic pushed back earnings and revenue of several individuals and businesses – for which SDFC launched its loan deferment to offset the damage.

Previous deadline for the loan moratorium was on 25 September, however SDFC’s decision for further extension on the deferment period comes due to businesses struggling to recover.

Furthermore, SDFC confirm application submission is available through their online portal.

Moratorium is applicable for loans prior to the pandemic, and hence does not include relief scheme loans.

Meanwhile, SDFC claims reducing interest rate of loan repayments to 4% during the period.

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