The Government of Maldives brags a lot about how the cost of funds has come down in this country. Has it really come down? Im note sure. Go to Bank of Maldives to get a loan. They will say that your interest rate would be between 10-11 percent. If you are not among the big fishes they will take at least two or even sometime three times the value of your proposed loan as collateral (they will only take physical collateral such as houses and boats). Then they ask you to insure your property i.e; collateral. They will also ask you to pay an arrangement fee of one percent to the bank. Then they will ask the loan agreement to be registered with the bank. To do this you need to buy revenue stamp (thats another 0.5 percent of the loan). Now do your math and calculate your cost of funds!
I forgot to mention - deposit rates used to be as high as 4-6 percent until recently. Now they have brought it down to 1.5 - 2 percent.
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hey i'm still paying 15 % for my loan!!
That's typical Gayoom mentality. If he deducts something from the "great service" he is doing to the nation, he would be sure to "compensate" it from some other means. Of course, he would not dream of raising the lease of that picnic island he "gifted" to Brigadier Adam Zahir (refer to Adduvas magazine).
u mean the Mrf 15,000/-!!??...I went to get that about...3 or 4 month ago...they said...i dont have enough money in the account (actually i had some 6000 on that day also..) and they said there's not enough movement in my account..(but i do take and ..my salary is transferred to it..but there wasnt ENOUGH flow.)...but u know?,...about 6 month before that...a friend of mine opened an account just for the pupose of getting that loan..and she was given..even when she had Mrf 500/- in her account!!! I guess they...no longer want to give us the loan!Golhaaboa,MDP,Adaalat,IDP,reeko party,..all the fucking paarties and capitalist elites...ISTHIUFAAAA!
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