SDFC introduces loans to craftsmen, taxi drivers
Nazim said the biggest relief for the loans is the lower interest rate and repayment period.
SME Development Finance Corporation (SDFC) has introduced loans to craftsmen and taxi drivers.
SDFC COO Nazim Habib told a press conference on Wednesday that the two loans were designed a few years ago.
The Creative Arts Loan, Nazim said, will resolve the problems faced by those working in the field of creative arts.
"The purpose of the Creative Arts Loan is to facilitate craftspeople to take their work to the next level... We held many meetings with people working in the creative arts sector at different destinations," he said.
Taxi loans are divided into two categories. They are the category of people who have their own taxi but have not been able to switch to a new taxi and the category of taxi drivers who do not have their own taxi.
Nazim said the biggest relief for the loans is the lower interest rate and repayment period.
Creative Arts Loan
The loan is targeted at people working in the creative arts sector. They include music instructors, musicians, writers, artists, animators, designers, and singers.
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Loan amount: MVR 50,000 - MVR 250,000
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Interest rate: 6% - 8%
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a six-month grace period; the loan will be repaid within a maximum of five years
Terms of the loan:
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Registered as an artist with the Ministry of Arts and Culture
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At least one year of experience in the creative arts field and proof of that
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Work will be ensured by experience, social media presence and project documentation
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The amount of the loan will be determined based on the applicant's income; a co-borrower can be included to increase the limit
Taxi Loan
Taxi loans will be issued in two categories. They are the existing taxi, finding a new taxi and the taxi drivers who do not have their own taxi.
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Loan amount: Maximum MVR 300,000
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Interest rate: 6% - 8%
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No collateral or equity needed
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The taxi will be mortgaged by SDFC
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Five years to repay the loan; a six-month grace period will be available
Terms of the loan:
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Loans for taxi replacement is available to replace a 10-year-old taxi
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Drivers who do not own their own taxi must prove that they have been working in a taxi for the past year
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The loan is only for the purchase of a car taxi
Applications for creative arts loans and taxi loans will open on Sunday. Additional information on the two loans will be made available on the SDFC website and portal on the same day.
