Life Style Lease Installment Scheme

The product has been designed to meet today’s lifestyle needs, offering wide range of consumer durable and motorcycle. Your desired products are purchased from a supplier of your choice and sold to you at a predetermined price which includes our profit. The lease rentals are structured on an agreed easy monthly installments which will be deducted from your monthly salary by your employer and sent to us on an agreed date.

Main Features

  • Funding amount from MVR 10,000 to 200,000 (Conditions apply)
  • Repayment period from 6 months to 18 months for Consumer Durable
  • Repayment period from 6 months to 36 months for Motorcycles
  • Total deduction from salary should not exceed 50% of the take home pay

Benefits

  • No guarantor requirement for facilities below MVR 60,000
  • Facility granted within 4 working days (Conditions apply)
  • Wide range of suppliers to choose from
  • Any movable asset can be leased

Eligibility

  • Maldivian aged between 21 to 60 Years
  • Living and working in Maldives
  • Have been in continuous employment for last one year with a registered employer with MFLC.
  • Total deduction from salary (including other banks & financial institutions) should not exceed 50% of the total take home pay (basic salary plus other allowances)

Documents Required

  • Completely filled application form Application Form
  • Copy of National Identity Card  (valid)
  • Employment letter stating the date of commencement, designation and salary details.
  • Quotation from supplier List of Registered Suppliers

If the facility is above MVR 60,000 a guarantor is required and the following documents of the guarantor need to be submitted along with the application form.

  • Guarantor information on the application form to be filled
  • Copy of National Identity Card of the guarantor  (unexpired)
  • Employment letter stating the date of commencement, designation and salary details of the guarantor

Payment Option

  • Salary Deduction Only