SME Development Finance Corporation (SDFC) has announced a waiver on the Covid-19 business aid loan’s interest.
The decision follows Maldives President Dr. Mohamed Muizzu’s earlier promise for the same.
According to SDFC, in the week immediately after the Eid holidays, it would share the changes brought to the loans of customers regarding the interest exemption. The information would be shared via the SDFC customer portal.
Additionally, the corporation said that the interest amount paid by customers so far will be deducted from the loan’s principal amount. Following the deduction, any amount from the paid total exceeding the principal would be reimbursed to the customer.
Customers who have already settled the loan entirely would receive the interest amount in reimbursement.
Furthermore, SDFC said that the loan repayment period has been extended for another 10 years from the date of the issuance.