Financing Limit: MVR250,000 to MVR2,500,000 - Maximum limit equivalent to the total MIB POS sales of last 06 months.
(USD limits allowed for customers earning USD income)

Tenure: Between 1 to 5 years
(Grace period up to 6 months in addition to tenure)

Pricing: Unsecured - 13%   |   Secured – 12%

Security: Mortgage over tangible asset only required if Bank financing limit is above MVR750,000

Business must be in operation for minimum 1 year

Business to be profitable in the last 1 year

Customer must be active in MIB’s POS utilization for the past 6 months.  

Minimum monthly average POS sales: MVR50,000

Filled and signed Application Form

Customer Information Sheet

Business and Management Profile

Business Registration Certificate

Business Profile sheet from Ministry of Economic Development & Trade

Articles and Memorandum of Association (for companies)

Partnership agreement (for partnerships)

Registration certificate or ID Card copy of owners/ partners/ directors / shareholders /Guarantors

GST Return filings (last 1 year)

Income Tax filings (last 1 year)

Financial statements (last 1 year)

Projected Financials for full financing tenure with detailed assumptions

Bank Statements of other banks (last 1 year)

MIRA Tax Clearance Report (not older than 10 days)

Quotation of items to be purchased (as applicable)

Details of Collateral (for Bank financing limits above MVR750,000)

o   Registry copy

o   Registry/ID card copy of owner(s)

o   No objection letter (to mortgage) from owner/s, in case of third-party mortgage