SME Bank starts accepting loan applications

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Source: Avas

The SME Development Finance Corporation (SDFC) has announced that it is now accepting loan applications from small and mid-tier businesses.

The Managing Director of SDFC, Mr Ahmed Zeenad stated that starting this week, loan applications are now available. He also stated that the SME Bank would be announcing their new loan products and opening them for application as well.

Mr Zeenad went on to state that the highest number of applications so far have been for loans to create guesthouses.

The SFDC announced several products upon launch, which are Harumudhaa, Dhan’duveri Nafa, Viyafaari Ehee, and Rashu Fathuru. Each of these loans is for different customers with different needs and are to be given when applied with a special proposal. More information can be found on the SDFC website.

The SME Bank was established with 85% government shares and 15% council shares.

The Equity Requirement for loans is currently between 15 to 20% and the interest rate is currently between 6 to 9.5%. These loans also accept homes and other buildings as a mortgage.

The amount provided by these loans is between MVR75,000 and MVR5 million.

Additionally, a new product has also been introduced to the public in addition to the current products provided. This new loan is called Kan’du Falhu ge Nafaa and can provide a total of MVR3,084,000.00 for development purposes.

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