Maximum Financing Limit of MVR 700,000
Exclusive rates for salary transfer and rental income transfer to MIB
Flexible payment periods ranging from 18 to 60 months
Up to MVR 700,000
Higher Limits + Lower Requirement
Up to 60 Months
Payment period from 18 months to 60 months
No Guarantor Needed
The requirement for a guarantor has been removed.
Option available from 12 months onwards
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
Guarantor NOT required
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)
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.
Duly filled and signed 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
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)
The ‘Hakathari Program’ is initiated by Ministry of Environment, Climate Change and Technology (MECCT) and the Bank, to promote the use of energy efficient appliances and equipment, whereby, the appliances labelled with the energy efficiency of 3 star and above based on a 5-star rating system would be financed under the program. The program covers 3 appliances – air conditioners, refrigerators and washing machines. Any sale conducted under this program would be proceeded with a profit rate of 10% p.a
Salary Transfer Customer: 13%
Rent Transfer Customer: 13%
Hakathari (3 Star and above): 10%
Minimum: 18 months
Maximum: 60 months
Minimum: MVR 25,000
Maximum: MVR 700,000
Charged as per the published rate on the List of Bank Charges
Skip the queue
Apply Online for Ujaalaa Financing + Account OpeningApplyNow
Frequently Asked Questions
Apply online through ApplyNow Portal with the supporting documents. If you are not a customer you can submit to open account online as well.
ID card copy
6 month Bank Statement
6 month Salary slip
Once the application is submitted via ApplyNow Portal, we will process the application and inform to sign the agreement. After agreement signing you may submit Quotation and get the goods
If your income support for an additional facility, you may apply for another financing facility.
The facility limit details will be provided upon evaluation by the relevant department. You may use guidance from our broachers and/or website for calculation of the Ujaalaa Dhiriulhun Financing Limit.
For application processing it may take 3 -5 working days. Once the limit is approved and upon acceptance of the facility (by signing the agreements), you will be able to purchase goods until your credit limit is reached or till the limit expires1. During this stage customers will be able to submit quotes and get goods on the same day2.
1Limit will be expired within 6 months from the approval date
2Subject to daily cutoff time.
You can purchase almost all types of goods that are available through our Partner Dealer Network. The some of the popular categories include:-
Mobile Phone and Electronics
Computers and Laptops
Household electrical items
Salary deduction - Payments will be deducted from salary by employer.
Salary Transfer – Once Salary is deposited to account at MIB, Bank will deduct the monthly payment.
Rent Income - Once Rent is deposited to account at MIB, Bank will deduct the monthly payment.
Note: It is the responsibility of the customer to check if the monthly payments are deducted for the facility regularly.