Direct Lease
Direct Lease is an opportunity available for individuals who are employed, rent income earners and entrepreneurs. MFLC offers Consumer Goods, Motorcycles and construction materials under a monthly installment scheme for this product. Eligible individuals can obtain goods by submitting quotation(s) (from any registered suppliers for the schemes) along with other required documents. The lease rentals are structured on an agreed monthly installments for which dated cheques will be obtained or standing order should be provided to MFLC through Bank Of Maldives or Commercial Bank of Maldives.
Main Features:
- Funding amount from MVR 10,000 to 100,000
- Repayment period from 6 months to 12 months for Consumer Durable and 6 months to 36 months for Motorcycles
- Should be in continuous employment for minimum of 03 years or
- Should possess a regular income flow, i.e rent income, commission, fees etc or
- Should have been operating a business for minimum 03 years
- 10 % of Finance amount should be paid upfront
- Guarantor is required for all Direct Lease facilities
Documents Required:
- Fully completed application form
- Employment letter
- Past 03 months’ salary slips
- 03 months bank statements
- Title deed copy
- Business registration copy
- Id card copies (both client and immediate family member)
- Quotations
- Guarantor – employment letter & id card