The SME Development Fund Corporation (SDFC) has introduced a specialised loan programme designed to provide financial assistance to individuals in the taxi industry.
This loan programme offers support of up to MVR 300,000 for the purpose of purchasing vehicles. It is accessible to both current taxi drivers seeking to upgrade their vehicles and individuals entering the taxi industry for the first time.
To be eligible for this loan, applicants must be taxi drivers who do not currently own a vehicle. Additionally, the vehicle being used as a taxi must be over ten years old, and the applicant should have a minimum of one year of active employment in the taxi service.
The loan has a repayment period of five years and includes a six-month grace period. It is offered at competitive interest rates of six percent and eight percent. While no equity or collateral is necessary for loan approval, the newly acquired taxi will serve as collateral.