Ujaalaa Ulhandhu

Ujaalaa Ulhandu Facility is the designed to help individuals purchase vehicles for their personal use. Enjoy you brand new vehicle with a P board as it will be registered under your name from day one. This facility is structured under the Islamic Financing principles of Murabahah.

Low Rates

The most competitive rates in the market

Low Advance Payment

To help you reach more

Long Tenure

Long tenures to ease your monthly expenditure

  • You can finance up to MVR 400,000

  • Low advance payment of 10%

  • Tenure: 6 months to 60 months

  • Applicant must be a Maldivian with valid identification card

  • Aged between 21 to 60 years

  • Living and working in Maldives

  • Has been in employment for the last 12 consecutive months with an employer accepted by the Bank, or salary transferred to designated MIB account under salary code for a minimum period of one year

  • Applicant must provide a guarantor, preferably his/her relative undertaking an employment for minimum period of one year. The guarantor for this facility must be:

    Eligibility criteria for guarantor

    • A Maldivian with valid identification card

    • Aged between 21 to 60 years

    • Living and working in Maldives

    • Be in employment for the last consecutive 12 months with an employer accepted by the Bank

    • preferably related to applicant, either by blood or marriage

  • Earn a minimum confirmed income of MVR 6,000 (total average gross salary for the past 6 months should be a minimum of MVR 10,000)

  • Total deductions (including loans and facilities from other banks) should not exceed 50% of the applicant's confirmed income, excluding statutory deductions

  • The vehicle will only be eligible until 2 years from the date of import to Maldives

Vehicles financed through this scheme are meant for personal use only.

Documents required from the applicant

  • Completely Filled Application Form

  • Copy of National Identity Card

  • Employment letter stating the type of employment (permanent or contractual), date of commencement, and salary details, including basic salary, fixed allowances, variable allowances, and deductions.

  • Salary slips of last 6 months

  • Bank statement for last 6 months 

Documents required from the guarantor

  • Copy of National Identity Card

  • Employment letter stating the type of employment (permanent or contractual), date of commencement, and salary details including basic salary, fixed allowances, variable allowances, and deductions.

Documents from Seller and details of the Car and Garage

  • Seller's ID Copy

  • Quotation of the vehicle from the seller

  • Registration copy, if registered /  import documentation, if not registered

  • Garage Permit

  • No-objection letter from the garage owner

  • Garage owner's ID card copy

  • Financing Rate: 15%

  • Financing Limit: MVR 400,000

  • Tenure: 6 months to 60 months

  • Advance: 10%

Financing Rate

15%

Minimum Tenure

6 months

Maximum Tenure

60 months

Minimum Advance

10%

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Related Downloads

Ujaalaa Ulhandhu Ujaalaa Car Application Form
All Downloads

Frequently Asked Questions

Documents required from the applicant

  • Completely Filled Application Form

  • Copy of National Identity Card

  • Employment letter stating the type of employment (permanent or contractual), date of commencement, and salary details, including basic salary, fixed allowances, variable allowances, and deductions.

  • Salary slips of last 6 months

  • Bank statement for last 6 months 

Documents required from the guarantor

  • Copy of National Identity Card

  • Employment letter stating the type of employment (permanent or contractual), date of commencement, and salary details including basic salary, fixed allowances, variable allowances, and deductions.

Documents from Seller and details of the Car and Garage

  • Seller's ID Copy

  • Quotation of the vehicle from the seller

  • Registration copy, if registered /  import documentation, if not registered

  • Garage Permit

  • No-objection letter from the garage owner

  • Garage owner's ID card copy

There are no restriction on dealers as long as the vehicle is eligible under the requirements of this facility.

  • Must be a Maldivian citizen

  • Must be between 21 and 60 years old

  • Must be employed and living in the Maldives

  • Must earn a minimum of MVR 10,000 per month

  • Must work at a MIB Partner Employer for the past 1 year or is a Salary Transfer customer continuously for the past 1 year.

  • A citizen of Maldives

  • Must be between the age of 21 and 60

  • Must be employed and live in the Maldives.

  • Should be employed with a MIB Partner Employer or a Salary Transfer customer of MIB with more than 1 year of continuous salary transfer.

  • Minimum Salary of MVR 10,000 per month

  • Your monthly payments should not be more than 50% of your total income. This includes all monthly payments owed for all outstanding loans, and facilities to any financial institute.

  • Salary deduction by employer. This option is available only for those who are employed with Partner Employers.

  • Salary transfer to MIB account.

The tenure for this financing facility is between 6 months to 5 years

More FAQ

Estimate your income requirement

Use our calculator to estimate monthly payments.

MVR
%

  • Financing Rate: 15%

  • Financing Limit: MVR 400,000

  • Tenure: 6 months to 60 months

  • Advance: 10%

Financing Rate

15%

Minimum Tenure

6 months

Maximum Tenure

60 months

Minimum Advance

10%

Accepted Dealers & Employers
Dealers
Employers
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