Maldives Islamic Bank (MIB) has upgraded the consumer financing scheme “Ujaalaa Dhiriulhun” with higher limits and longer tenures.
Eligible customers can now finance up to MVR 700,000. Customers can also choose a payment period between 18 to 60 months.
The limit was at MVR 400,000 previously and the repayment period was 18 to 48 months. Applications for the scheme can be submitted online.
Customers can join the scheme without an advance payment or security deposit. The bank also reformed the scheme to eliminate the requirement for a guarantor.
The limit of withdrawals from the Ujaalaa Dhiriulhun scheme is determined based on the person's salary.
A person who gets an income of MVR 22,000 can be financed up to MVR 460,000 and a person who gets MVR 34,000 as income can be financed up to MVR 700,000now over a period of five years.
Anyone between the ages of 18-60 who had been employed for the past six months and earning a minimum salary of MVR 4000 are eligible for the scheme.
Repayment can be done two ways; it is either deducted from the salary by the employer, or deposited into an account opened with MIB. Customers have the option to choose the most convenient method.
The scheme gives six months to spend within the purchase limit. A quotation from a MIB-recognized store can be completed within one day.
