Applicant must be a Maldivian with a valid identification card
Applicant must be at least 18 years of age
Applicant must be living and working in the Maldives
Must have been employed for the past 6 months and have been in employment with the current employer accepted by the bank for the last 3 consecutive months
An individual earning rental income from own property would also be eligible for the facility if the rental income record for the past 12 consecutive months in his or her MIB account is verifiable
An individual who has been maintaining his/her salary account with MIB and has the record of salary income for the last 12 consecutive months would also be eligible for the facility
Cash when you need
With Ujaalaa Cash get cash-in-hand when you need it the most! Specially tailored to assist you through urgencies where only cash will do.
Get up to 30% cash on approved limit with just the undertaking.
Go above 30%
Go above 30% of your approved limit with supporting documents
Decide your tenure between 18 to 60 months.
Option available from 12 months onwards
About Ujaalaa Financing
To get this facility, please obtain an Ujaalaa Financing limit which is applicable for Ujaalaa Financing Suite of facilities
For salary transfer and salary deduction applications, applicants must earn a minimum confirmed income of MVR 4,000 per month (their total average gross salary for the past 6 months should be a minimum of MVR 4,000 per month)
For rental income earners, applicants must earn a minimum confirmed income of MVR 10,000 per month (their total average gross monthly income for the past 6 months should be a minimum of MVR 10,000)
Financing Limit is calculated based on the requested tenure, earnings (salary / rent) of the customer and monthly obligations of the customer which includes payments to other Banks/ Financial institutions
For an example
Monthly payment should be not more than 40% of the monthly salary for those earning up to MVR 10,000
Monthly payment should be not more than 45% of the monthly salary for those earning between 10,001 to 20,000
Monthly payment should be not more than 50% of the monthly salary for those earning between 20,001 to 50,000
Monthly payment should be not more than 55% of the monthly salary for those earning between 50,001 to 100,000
Monthly payment should be not more than 60% of the monthly salary for those earning above 100,001
Your total monthly payments includes all monthly payments that you are required to pay to any other Bank or financial institute.
Salary Transfer Customer: 13%
Rent Transfer Customer: 13%
Minimum: 18 months
Maximum: 60 months
Minimum: MVR 25,000
Maximum: MVR 700,000
Charged as per the published rate on the List of Bank Charges
Duly filled and signed Ujaalaa Financing Application Form
Documents required from the applicant
Copy of National Identity Card
Employment letter stating the type of employment (permanent or contractual), start date, and salary details including basic salary, fixed allowances, variable allowances, and deductions
Bank statement for last 6 months
Salary slips of last 6 months
To process under salary transfer or rent transfer, the customer should submit a letter from the employer or tenant(s) confirming the customer's salary or rent will be regularly deposited into the customer's MIB account for the full financing period. (Sample letters are available for download)
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Frequently Asked Questions
If you have an existing Ujaalaa Financing Facility limit, you may request for an Ujaalaa Cash Financing through our ApplyNow portal.
Up to 30% of the approved Ujaalaa Financing Facility limit will be available as Ujaalaa Cash Financing. Should your cash requirement exceed 30%, then you will be required to submit relevant documents evidencing the purpose for which the cash is required and how much cash will be required to fulfill the purpose.
To use Ujaalaa Cash Financing, you should be eligible for an Ujaalaa Financing Facility limit.
To utilize Ujaalaa Cash Financing, you should first request for an Ujaalaa Financing Facility limit. Once your limit is approved, you may request for Ujaalaa Cash Financing.
- Expenses related to medical treatment abroad including cost of treatment, travel, food, and accommodation which are not covered from social insurance scheme.
- Settling of hospital bills from local hospitals and clinics.
Restructuring for settlement of urgent debts
- Settlement of conventional loans/ credit card facilities to avoid payment of interest.
- Settlement of loans/credit facilities taken from individuals/ non-financial institutions.
Renovation/ repair /maintenance cost of assets (e.g., house, vehicles)
To cover cost of renovation/repair/maintenance cost of assets which cannot be catered through any other existing products. E.g., payment of cost of the work.
Loss to personal property due to natural disasters/ hazards
To cover the damage caused to personal premises, assets/vehicles, due to unexpected incidents/natural disasters or other hazards.
Payment of advance rental due to change of rental home/ apartment.
Immediate need to pay the advance rental/security deposit
Financing expenses related to home financing.
To assist customers facing difficulties in paying the cash contribution for equity (margin of financing) required by financial institutions when applying for home financing facility.
To cover the cost of household expenses which cannot be catered through any other existing products
* Other cash requirements will be approved on a case by case basis.
It is a type of financing which is based on the Shari’ah concept of Commodity Murabaha; that allows the customer to obtain liquidity through buying and selling of a commodity for the purpose of financing a dire need that cannot be fulfilled through the existing financing products of the Bank.
This is a sub-product of the Ujaalaa Financing Facility.