Bank loans in Maldives

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Member since 30 May 2013

PriscillaViP22 August 2018 09:42:32

42358

Hello,

Finances and banking can sometimes be a headache for many expats, especially when it comes to taking out bank loans.

Is it difficult for an expat to get approved for a bank loan in Maldives?

What are the types of bank loans available for expats (mortgage/bonds; business loans; car loans; personal loans; student loans)?

What are the general conditions for expats to take out bank loans (interest rates; timeframe to repay loans, etc.)?

Which bank in Maldives is the most popular or accessible for expats regarding loans?

Would you normally require the services of an accounts manager at the bank in order to facilitate the process of taking out a loan? Is this service free of charge?

What would happen in the case of an unpaid loan if you have to repatriate back to your home country or move somewhere else?

Are there any other options for loans aside from the bank in Maldives, such as taking out a loan from your bank in your home country, or other types of companies not affiliated with banks, that give out loans?

Thank you for sharing your experience.

Priscilla

vineetgupta Member

Member since 29 January 2014

vineetguptaMember28 August 2018 04:04:46

I think Bank loans are not available for expats in Maldives. If u want any kind of loan you must be Maldivian. So, my suggestion is that Banks in Maldives should start approving loans to expatriates also.

shinodvs New member

Member since 16 April 2018

shinodvsNew member28 August 2018 10:39:37

Hi

I don't think expats will get loans from the Maldives.

But I have another experience to share with you.

I'm an Indian (from Kerala). 6 months ago I come to work here. My workplace is 2 hrs by speedboat far from Male' city. I went to State Bank of India in Male' for opening salary account. 4 times I visited the bank for completion.

The first time they send me back because they told to bring a recommendation letter from my employer. (through the mail is not acceptable)

The second time they send me back because I put visa number instead of id number in the letter and Indian address instead of company address on the place they asked as the permanent address.

The third time I come with the corrected letter.

And finally fourth time I come for collecting ATM card and Password after 2 weeks.

So if anyone plans to open a salary account in State Bank of India, keep the following ready with you.

1. Recommendation letter from employer.
2. Passport and Employment card copy (original need for verification) -the mamigili branch ask for company seal in these copies also. Better not to go Mamigili branch.

Also, note that old currencies will not be taken by SBI. Last time I stand in queue for 1 hr and after only I come to know those old currencies will not take by them. The funny thing is the same notes taken in UAE exchange in my village in India later.

The following e-mail you may use for any queries or complaints sometimes they will respond quickly and sometimes very late.

sbimale@statebank.com
cro.sbimale@statebank.com
inb.sbimale@statebank.com

And we can apply for internet banking yourself. For that, we need customer id. Our customer id is our first 9 digits of our account number.

Hope these pieces of information are useful for someone who reads this. Please feel to contact my email ***

Moderated by Christine 6 years ago
Reason : please do not post your contact details on the forum. Thank you

shinodvs New member

Member since 16 April 2018

shinodvsNew member28 August 2018 10:43:29

Then what guarantee you can give to the bank?

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