MFLC

Life Style Lease

The product has been designed to meet today’s lifestyle needs, offering wide range of consumer durables and motorcycle. Eligible individuals can obtain leases 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 which will be deducted from the monthly salary by the employer and sent to MFLC.

Main Features

  • Funding amount from MVR 10,000 to 100,000
  • Repayment period from 6 months to 15 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 Down Payment
  • No guarantor requirement (for facilities below MVR 60,000)
  • Facility granted within 3 working days
  • Wide range of suppliers to choose from
  • Any movable asset can be leased

Eligibility

  • Maldivian aged between 18 to 60 Years
  • Have been in continuous employment for last 2 years 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
  • Copy of National Identity Card
  • Employment letter stating the date of commencement, designation and salary details.
  • Quotation(s) from supplier(s) registered for the scheme.
  • Copy of National Identity Card  of an immediate family member (required for facilities below MVR60,000)

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
  • Employment letter stating the date of commencement, designation and salary details of the guarantor

Payment Option

  • Salary Deduction Only