sdfc loan
The Bank had also said that it would prioritize assisting Micro-, Small, and Medium-sized Enterprises (MSMEs) to overcome the financial difficulties brought on them by the COVID-19 pandemic. tweet; Previous article MIRA Eases Tax Installments Policies Amid COVID-19. According to SDFC, the extension was granted in response to difficulties faced by borrowers in applying for the moratorium before the expiry of the initial deadline on September 25. The Bank of Maldives (BML) announced a similar moratorium along with a 20 percent discount on repayment amount. SME Development Finance Corporation (SDFC) in the capital city of Male'. With that, the government estimates over USD 400 million loss to the economy. SDFC will be providing loans with an interest rate of 6% and with a grace period of 6 months. News. RASHU FATHURU Learn More. SME Development Finance Corporation (SDFC) has decided to suspend repayment of principal and interest amount of loans disbursed by the company. SDFC said the reason for making the decision was to help with the losses the small and medium-sized enterprises face due to the COVID-19. In addition to SDFC, the Housing Development Finance Corporation (HDFC) also extended its loan repayment period by six months in March. As per the statistics, SDFC had disbursed loans worth of MVR 333 million for 301 small and medium-sized enterprises last year. Updates . If for any reason, after having gone through this checklist and worked out the numbers, you feel that you should not take the loan, we congratulate you. SDFC said that it delayed the deadline after many customers were unable to apply for loan moratorium extension for various reasons. Hotline: +(960) 779 0202 Hours were updated. SHARE. Since its inception during March 2019, SDFC has been providing financial assistance to small and medium-sized enterprises. Address: M. Passionflower Irumatheebai, Male', Maldives. Moreover, the government has stated that a number of steps are taken to minimize the loss to small and medium-sized enterprises and working on introducing financial packages to help overcome economic losses. 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Twitter. In addition, it was decided to disburse MVR 450 worth of loans this year. Facebook. Email: [email protected] Amid the economic upheaval brought on by the global pandemic, the bank had introduced the SDFC COVID-19 Viyafaari Ehee loan product, which provides financial aid for SMEs and self-employed/freelance individuals that are facing cashflow constraints due to the COVID-19 outbreak. The Bank had also said that it would prioritize assisting Micro-, Small, and Medium-sized Enterprises (MSMEs) to overcome the financial difficulties brought on them by the COVID-19 pandemic. In April, SDFC commenced issuing loans to small and medium enterprises (SMEs) with annual revenues below MVR 10 million under its 'Economic Recovery Plan'. Eureka 4th floor, Vaidheri Hingun , 20239. In order to minimize the negative financial impacts amid the ongoing COVID-19 pandemic, SDFC has extended the repayment period for loans until the end of 2020. Earlier SDFC had said that it would extend its loan moratorium till the end of the year. Hence, they have postponed collecting repayments for six months and have reduced the interest rate of those six months to 4%. The interest rate of these loans is small in addition to its equity amount being smaller than other loans. SME Development Finance Corporation (SDFC), on Tuesday, extended the application deadline on the moratorium for loans until October 8. Next article MATI Proposes to Ease Land Rent of Resorts RELATED ARTICLES MORE FROM AUTHOR. Travel Clinic (Behind Malé Hiya-2): 24-hours The product offers Loan amount up to MVR500,000 for businesses (10% of annual sales turnover for the past year) and loan amount up to MVR30,000 for self-employed individuals. Flu Clinic (Senahiya Hospital): 08:00 to 22:00 hrs In addition to SDFC, the Housing Development Finance Corporation (HDFC) also extended its loan repayment period by six months in March. Because getting into a debt trap to get out of a recession is not a formula that works for everyone. Your comment will be published after review! Testimonials. The loan repayment period will be 3 years. × About Business Strategy Products News Downloads EN Learn More To Apply. Finance ministry partnered with SDFC to administer the Covid-19 Recovery Scheme targeted towards SMEs and self-employed and freelance workers, as part of the government’s Economic Relief Package. Phone: +(960) 332 3737 Opening at 10:00. Eureka 4th floor, Vaidheri Hingun , 20239 Phone: 3011533 Fax: 3011534 Learn More. Posted on Sep 23, 2020. 8 months ago Very … Hence, they have postponed collecting repayments for six months and have reduced the interest rate of those six months to 4%. SADGURU DEEP FINANCE CORPORATION (SDFC) Saving A/c collection, Personal Loan, Gold Loan and Auto Finance in BIDAR. The bank said although it had said that the customers must apply for the second loan moratorium by the 25th of this month, it has now extended the deadline until the 8th of October.

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