• 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

1. 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)

2. 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.

Financing Rate

• Normal: 15%

• Salary Transfer Customer: 13%

• Rent Transfer Customer: 13%

Tenure

• Minimum: 18 months

• Maximum: 60 months

Financing Amount

• Minimum: MVR 25,000

• Maximum: MVR 700,000

Processing Fees

• Charged as per the published rate on the List of Bank Charges

Documents Required

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

Additional Requirements

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)