A special loan targeted for taxi drivers has been introduced by the SME Development Fund Corporation (SDFC).
The loan allows financial support up to MVR 300,000 for vehicle purchases. The loan is issued to existing taxi drivers looking to upgrade their vehicles and newcomers to the taxi industry.
The loan applicant should be a taxi driver without ownership of a vehicle. Furthermore, the vehicle currently being used as a taxi must be more than a decade old, and the applicant must have been actively employed in taxi service for at least one year.
The loan, which is repayable over five years and also includes a six-month grace period, is available at an interest rate of six percent and eight percent. No equity or collateral is required for loan approval, but the newly acquired taxi will be mortgaged.
