SME Development Finance Cooperation (SDFC) has urged loan applicants to ensure that their quotation provider is engaged in selling goods and services covered in the quotation while applying for Viyafaari Ehee loan.

Viyafaari Ehee loan was announced on March 16. Since then, SDFC has been accepting applications. 

In a recent post on X, SDFC stated that if applicants cannot confirm that the quotation provider is actively selling the goods and services listed in the quotation, they must submit a new quotation from a business that is actively engaged in such sales.

Under the Viyafaari Ehee loan scheme, SDFC will provide loans for purchasing goods, equipment, and machinery for business operations along with short-term working capital.  

According to SDFC, they will provide loans to businesses that have been continuously running for at least one year. Under this loan scheme, eligible businesses can borrow up to MVR 1.5 million at an interest rate of 9.5 per cent per annum. For loans over MVR 700,000, SDFC requires a primary collateral with a total exposure that includes all facilities with SDFC, even those from the borrower's related businesses.

Viyafaari Ehee loan has a grace period of a maximum of six months and must be repaid within five years.