Financing
Estimating Ujaalaa Financing Limits
You can estimate your ujaalaa financing credit limits by using the following table
What are the new enhancements to Ujaalaa Dhirulhun?
Finance upto MVR 700,000 Fix Payment Period between 18 months to 60 months Guarantor is NOT required Early settlement from 12 months onwards Now thats Simply Un-Gabool-able
What are the requirements to become a Partner Employer?
The following are the conditions to becoming a Partner Employer, also known as registered employer of MIB. Company or organisation must have a minimum of 20 employees (In case the numbers of employees is below 20, then the employer should transfer ...
How to finance a motorbike
We have moved motorcycle financing to Ujaalaa Dhiriulhun Financing. To purchase a bike simply follow the same procedure. Read this article to Learn More
What does a tenure period mean ?
The distribution of a financing period or the period during which you will be making the payment is known as tenure.
Will you be fined for delays in payment due to my company/office's delays in sending payment?
No you will not be fined. However if you leave the company you need to make sure that the Bank is informed of your new job and to ensure payments are made regularly.
Is there a charge for the un-utilised limit of Ujaalaa Dhiriulhun
No. Read this article to Learn More
How to make payment for Ujaalaa Financing Facility
Ujaalaa Dhiriulhun For those who are working in an MIB accepted employer their monthly payment will be deducted by the employer and sent to the bank, but the customer must make sure that the payments are sent to the bank and are regularly deducted ...
Why choose Ujaalaa Dhiriulhun
Why Choose Ujaalaa Dhiriulhun for your Consumer and Lifestyle financing needs Flexible tenure option between 18 to 60 months Provides the highest financing limit in the market for average salaried persons You will not be charged for un-utilised ...
Limits on utilising Ujaalaa Dhiriulun financing limit
Highlights on Limits The maximum amount you can utilise is MVR 400,000 The minimum amount you can utilise is MVR 25,000 No advance payment, deposits or mortgage required Did you know If your salary is deposited to your MIB account profit rate would ...
Is garage letter mandatory before submitting for car financing?
Yes. A garage letter should be submitted along with all the supporting documents.
How long will it take for me to receive my goods after I submit Ujaalaa Dhiriulhun Application?
Once you submit your application anew we need to undertake an evaluation to determine the financing limit that can be given to you. This requires up to 7 working days. Read this article to Learn More
Will I receive cash for home construction?
Cash will not be issued to the applicant, the developer of the project will receive payment.
How many quotations can be submitted at a time with Ujaalaa Dhiriulhun
There was no specific amount or number of shops to submit quotations. However, if the limit is used up, the quotation submitted to bank must be over MVR 15,000 per quotation.
What is considered while determining a financing limit?
Bank determines the financing limit after evaluating the salary and payment deductions to another bank. However, bank will also consider the job type (permanent or contract) and the employer as well.
Does Ujaalaa Financing Facility accept rent earned through renting sea vessels or other immovable assets?
Rent is considered if he/she is earning a rent from an own land/building and if the rent is deposited to MIB Account for a minimum period of one year
Can we include a co-applicant in Ujaalaa Dhiriulhun?
It is not possible.
Who are MIB’s Partner Employers?
Please visit this link to see if your employer is listed. If not you can always get your company to enrol in the scheme. Partner Employers
Can I apply for Ujaalaa Dhiriulhun if I get rent by renting out a building that is not in my own name?
In order to be eligible for the Ujaalaa Financing Facility, rent revenue must come from property that is registered in your name.
Am I eligible to apply for Ujaalaa Financing if I receive a pension?
No
Can i send someone else to collect the goods purchased under Ujaalaa Dhiriulhun?
Yes, goods can be collected by a third-party. You are required to submit a handover letter via email to customercare@mib.com.mv Key Points 1. Handover letter should be in the given format. 2. Handover letter has to be signed by the applicant. 3. ...
How can I request a reference letter?
You can apply online using the Requisition Form through ApplyNow Portal. Please note charges maybe levied based on the List of Bank Charges
Business Financing
About We offer financing facilities to suite your business financing requirements ranging from simply purchasing of goods to refinancing your current assets. The following table is a short description of the financing facilities that we offer. Name ...
Ujaalaa Hiya
About Ujaalaa Hiya Ujaalaa Hiya is the home financing facility that is offered by MIB. Customers can use this facility to purchase homes, apartments and flats that are currently under construction or is ready to move in. You can learn more by ...
Ujaalaa Dhiriulhun
Enhancements to Ujaalaa Dhiriulhun We have recently enhanced this facility with the following improvements. To learn more please visit our webpage for this product Finance upto MVR 700,000 Fix Payment Period between 18 months to 60 months Guarantor ...