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Loan facilitates to finance /refinance /construction /renovation of vessels

Please fill form in CAPITAL LETTERS
For Bank use only
Loan Reference N o:
Custom er N o:
LO AN APPLICATIO N
VESSEL FIN AN CE
ELIGIBILITY CRITERIA
If you fulfill the above criteria, please com plete the application from and return it together w ith supporting docum entation to a Bank of M aldives branch. Please note that
approval of any credit facility is strictly at the discretion of the bank.
Q ualifying age (Personal Banking Custom ers)
You m ust not exceed 60 years of age at the tim e of application and the requested credit facility m ust be repaid and fully adjusted
before you reach the age of 65 years. If you are unable to m eet this criteria, please subm it your application in joint capacity w ith
another party.
O w n contribution
A m inim um of 30% of the project cost m ust be invested from ow n funds. If it is already invested, source of investm ent and docum ents
for proof of investm ent m ust be provided. If equity is yet to be invested, evidence of equity m ust be provided.
Repaym ent period
M axim um repaym ent period for norm al loans is 7 years (84 m onths). How ever, repaym ent period w ill be fixed based on your
repaym ent capacity.
Repaym ent capacity
Incom e from business/project m ust be sufficient to cover the proposed repaym ent am ount. Please note that all incom e m ust be
verified through docum ents and/or account operation for it to be considered in assessing the repaym ent capacity.
M ortgage
Security type norm ally accepted by Bank includes house property and vessels. How ever, vessels alone w ill only be considered under
exceptional circum stances at the discretion of the Bank. Value of the property/ies offered m ust be sufficient to cover the requested
loan am ount.
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SECTION 1A : APPLICANT DETAILS (PERSONAL BANKING CUSTOMERS ONLY)
ID Card N o.
Contact N os.
O ccupation
Educational Q ualification
(Please tick relevant)
Post G raduate
O ccupation
Full nam e
Age
Perm anent Address
O - Level
N am e
O ther, please specify
Salary/Incom e
A- Level
ID Card N o. Contact N o.
N o. of children (from all m arriages)
N o. of joining borrow ers Relation of joining borrow ers
G raduate
Present Address
Place of W ork Years in Job
M arital Status
Single
Divorced
W idow ed
M arried
Details of Spouse (If applicant is m arried)
Aged below 18 years Aged above 18 years
SECTION 1B : APPLICANT DETAILS (BUSINESS & INSTITUTIONS ONLY)
Registration N o.
N am e
Registered date
(If m ore than one applicant, please fill and subm it a copy of sections 1-6 for each applicant)
M ain lines of business
Legal entity
(Please tick relevant)
Private lim ited com pany
Partnership
O ther, please specify
Soletrader
Public lim ited com pany
Registered Address
Present Business Address
Phone N o.
Fax N o.
E-m ail.
Total investm ent
(Please tick relevant)
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SECTION 3: INCOME & EXPENDITURE DETAILS (PERSONAL BANKING CUSTOMERS ONLY)
Average m onthly incom e
AM O UN T
State corresponding reference num ber
(from Sec 2) of account through w hich
incom e is routed
DETAILS
Ref N o.
Salary
Fixed allow ances
Rent
N et incom e from business
Total incom e
O thers (specify)
Average m onthly expenditure (please provide breakdow n of m ajor sources)
AM O UN T
DETAILS
Rent
Food
Utilities & other bills
School expenses
Total expenses
Existing loan repaym ents
O ther credit Facility Repaym ents
O thers (specify)
M onthly net incom e
Ref N o. Account N um ber
Currency
SECTION 2: BANKING DETAILS
N o. of shares held N am e
% of shares
held ID Card N o. Designation
Details of Shareholders
M VR USD
M VR USD
M VR USD
M VR USD
Bank/Branch
1
2
3
4
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SECTION 4: ASSETS OWNED BY APPLICANT
Fixed Deposit Provident fund
M ovable
Car
Is your asset insured? N o
Vessel O thers, please specify M otor cycle
Yes,please list all insured asset(s)
Shares Pension fund
(Please w rite the quantity of each type of asset you ow n in the boxes provided)
If asset(s) are used for com m ercial purposes, please specify
N o. of asset(s) Annual incom e:
(Please fill all applicable details) Im m ovable
Is your property insured? Property nam e Country Is your property m ortgaged?
Yes N o
Yes N o
Yes N o
Yes N o
Tick w here applicable
Borrow er's nam e & ID no. Lender's nam e G uarantee am ount Type of facility
Corporate / Personal guarantees provided for credit facilities in the nam es of other persons / entities
Borrow er's nam e & ID N o. Lender's nam e Am ount outstanding Type of facility
Collateral / Securities provided for credit facilities in the nam es of other persons / entities
Am ount
outstanding
Lender's nam e Am ount borrow ed Security Purpose
Existing loans and borrow ing from third parties
SECTION 5: LIABILITY / CREDIT FACILITY DETAILS
Am ount
outstanding N am e of Institute Card type Expiry date Card lim it
Credit cards
Am ount
outstanding
N am e of Institute Am ount borrow ed Security Type of facility
O ther credit facilities
Collateral provided
(Credit Schem es, Letters of Credit, O verdrafts etc)
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Date of com m encem ent
If project has already com m enced % of com pletion
Details of w ork to be com pleted
from the requested financing
Details of rem aining w ork
Construction of new vessel
Renovation of vessel
M echanization of vessel
SECTION 7: PURPOSE OF THE LOAN
Specific Loan Purpose (Check all that apply)
To refinance facility availed from :
M eet cost escalations
Com plete next phase
O ther (Specify)
Purchase of equipm ent /gear for the vessel
O ther details (if construction, renovation or m echanization of the vessel)
SECTION 6: DETAILS OF RELATED BUSINESSES
N am e of entity Registration N o. % of shares held
Any com pany in w hich the applicant holds shares or position on Board of Directors
1
2
3
4
Registered
date
Loan am ount previously taken
Additional funds required
Purchase of vessel
N am e of vessel being financed
N am e of ow ner(s)
Current balance
To increase m y existing vessel finance to
Date of com pletion
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SECTION 9: COLLATERAL / SECURITY DETAILS
N am e of property
Registration N o.
Year built Built-up area
Registered at/institution
Location Total land area
Private G overnm ent Private/G ovt Com m ercial Type of land
Building Flat/Apartm ent Land Type of property
Is the property constructed on a sub-plot (i.e. total land registered in joint nam es)? Yes N o
Declared value*
N am e of vessel Registration N o.
Type of vessel Year built
Personal Com m ercial (specify m onthly incom e) Usage
Declared value*
To be filled for vessels (if m ore than one vessel, please fill and subm it a copy of this part for each vessel)
Hull type
Length
Tonnage Last over hauled date
Declared valu
Account to w hich loan funds to be deposited
Instructions for disbursem ent, loan repaym ent and recovery fees
Account from w hich loan repaym ent to be deducted
Account to deduct all fees & charges
Fill below if account num ber is
different from above
Bank w ill provide financing up to 70% of the total project cost. Any am ount exceeding 70% but not already invested from ow n sources w ill
be considered as equity yet to be invested.
G race period (m onths) (M onthly interest or paym ent approxim ately equal to the m onthly interest w ill be payable)
Proposed term s of repaym ent
Repaym ent period (preferred total period including grace)
M onthly installm ent (after grace period)
Preferred am ount M axim um am ount
Repaym ent period and installm ent w ill be fixed according to the Bank's calculated schedule, and m ay be different from the preferred period and am ount.
Total project cost (Equity already invested Total am ount of loan Equity yet to be invested)
Currency:
SECTION 8: LOAN REQUIREMENT
- = +
M VR USD
m onths years
Source of equity already invested
O w n funds Third party borrow ings, please provide details in SECTIO N 5
O ther (specify)
To be filled for house/ com m ercial property/ land (if m ore than one property, please fill and subm it a copy of this part for each property)
O w n residence Leased, specify m onthy incom e
O ther (specify)
Usage
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N am e of resort Registration N o.
Location N o. of room s
ID card N o.
Declared value*
To be filled for tourist resorts
Lease expiry date Lessee nam e
Declared valu
(If individual)
Regestration N o.
(If com pany)
Type of property Lease expiry date
Location O w ner / Lessee nam e
ID card N o.
Declared value*
To be filled for industrial properties
Declared valu
(If individual)
Registration N o.
(If com pany)
Location(s)
To be filled for stock in trade
Declared value*
1.
2.
3.
4.
5.
6.
*Please note that collateral cover over the loan am ount requested w ill be calculated based on the collateral value as assessed by the Bank.
O w ner 2
O w ners nam e
Age
ID card N o.
O w ner(s) details (if ow ners exceeds the num ber provided below, please attach an additional copy of this page & fill this part)
Asset ow ned
Details of existing m ortgage
Is the property offered already m ortgaged to an existing facility? Yes (fill details below ) N o
Borrow er's nam e & address Type of facility Lender's nam e Am ount outstanding ID card N o.
O w ner 3 O w ner 4
Present address
N o. of dependents
Current address(es) of dependents
Relationship to the borrow er(s)
O w ner 1
DECLARATION
This declaration is m ade to Bank of M aldives Plc.
I/W e confirm that all inform ation provided in this application (on this sum m ary page and supporting form s) is true and correct, and
that no relevant inform ation has been w ithheld.
I/W e understand that the processing of this application w ill take a certain period of tim e, and is subject to the lending criteria and
standard approval process of the Bank.
I/W e w ill not m ake attem pts to influence the decision of the Bank by canvassing any m em bers of the M anagem ent or Approval
Authorities.
I/W e further understand that relevant charges and fees w ill apply as per the Bank's prevailing Schedule of Charges and am endm ents
thereto, and that it is m y/our responsibility to clarify such applicable charges.
I/W e acknow ledge that the Bank m ay continuously rely on the inform ation contained in the application, and I/W e are obligated to
am end and/or supplem ent the inform ation provided in this application if any of the m aterial facts that I/W e have represented herein
should change prior to closing of the Loan.
I/W e further understand that the Bank reserves the right to reject this application (or if after approval, to cancel the facility and call
back the entire outstanding am ount w ith accrued interest) if this application or m y/our actions are in contradiction to the above.
N am e ID card N o.
For Personal Banking Custom ers (singly or jointly w ith other applicants)
Signature
1
2
3
4
5
N am e of signatory
For Businesses & Institutions
Signature
Designation
Com pany seal
N am e ID card N o. Signature
N am e ID card N o. Signature
N am e ID card N o. Signature
N am e ID card N o. Signature
Date D D M M Y Y Y Y
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LIST OF DOCUMENTS TO BE PROVIDED WITH APPLICATION
Com pleted 'Inform ation Form for Businesses & Institutions' (if not com pleted w ithin the past 12 m onths)
Registration certificate
M em orandum of Association
For Businesses & Institutions
Articles of Association
For entities other than lim ited com panies, corresponding legal docum entation
Latest Share Transfer Form (if different from that specified in Articles/M em orandum of Association).
Financial statem ents for latest 3 financial years, audited if available.
Please fill and subm it the Individual Financial Statem ent as attachm ent in the form at provided for each of the shareholders/m em bers (a soft copy w ill
be m ade available to you upon request).
Resolution of the Board of Directors or other relevant authority attached, specifying:
(i) requested facility and am ount, (ii) security, and (iii) authorized signatory for all docum entation
For Personal Banking Custom ers
Com pleted 'Inform ation Form for Personal Banking Custom ers' (if not com pleted w ithin past 12 m onths)
Copy of valid ID card (O riginal to be presented to Branch for validation of copy)
Account statem ent for the past 12 m onths from the Bank w here account is being operated (if other than BM L).
Copy of valid rental agreem ent(s) for verification of rental incom e (O riginal to be presented to Branch for validation of copy)
Copy of docum entation for verification of additional incom e
Business incom e details (if any)
Financial statem ents for the last 3 years (for applications above M VR 1 m illion, subm it audited financial statem ents)
Cash flow statem ent for the past 12 m onths and projected cash flow statem ent for the loan tenor in the attached form at (a soft copy w ill be
m ade available to you upon request).
Cash flow statem ent for the past 12 m onths and projected cash flow statem ent for the loan tenor in attached form at (a soft copy w ill be m ade available
to you upon request).
O riginal letter of em ploym ent or letter of appointm ent on em ployer's letterhead w ith com pany registration num ber (m ust confirm your period of
em ploym ent or date of appointm ent, designation, m onthly incom e - gross & net incom e received and Bank & account no. to w hich salary is being
deposited).
In a separate attachm ent please provide the follow ing inform ation in relation to the purpose of the loan; this attachm ent should be 3-10 pages
depending on the com plexity of your business. If you have already com pleted a business plan, please provide a copy of your business plan in lieu of
the business overview.
1. Products & services -describe the products/services that your com pany provides
2. Custom er analysis describe your targeted custom er segm ents in detail
3. M arketing & advertising describe how you plan to m arket your business
4. Com petitive analysis describe your com petitors in detail and how you plan on com peting in your industry
5. M arket trends discuss any trends that have an affect on your business
6. Labor requirem ents discuss your labor needs
7. Location & facilities describe the site of your business, the facilities that are presently in place, the leasehold im provem ents and equipm ent
required and the features that m ake this an attractive site for your business
Business Plan (for businesses only)
For loan applications above M VR500,000/-, please fill and subm it the individual Financial Statem ent in the form at provide for each applicant (a soft
copy w ill be m ade available to you upon request).
FOR BANK USE ONLY
Form & supporting docum ents received by:
Inform ation verified by:
Staff signature Staff ID Business unit Date
Inform ation input to system by:
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Copy of paid bills/invoices for equity portion already invested to the project
Proof of equity for equity portion yet to be invested to the project
For construction of a new vessel or renovation of an existing vessel subm it an estim ation of costs to be incurred
O riginal and revised BO Q /invoice for enhancem ent of existing lim its
For m echanization and purchase of equipm ent/gear subm it copies of certified invoices / quotations for item s to be purchased
For all applicants
Evidence of registration for tax, tax return and tax paym ent vouchers for current period
For purchase of vessels subm it a copy of the proposed Sale / Purchase agreem ent for the sam e
Evidence of registration for tax, tax return and tax paym ent vouchers for current period
Letter of Personal G uarantee from rem aining sub-plot ow ners m ust be subm itted, if property/ies is a sub-plot
Copy of valid ID card of ow ner(s) (O riginal to be presented to Branch for validation of copy)
Copy of registration of property/ies (original to be presented for validation of copy)
Rental incom e details (if any)
Com pleted insurance application form
Copy of valid lease agreem ent(s)
Letter of consent from legal heirs of property/ies, if ow ner is above the age of 65 years
Please subm it the follow ing w ith regard to property/vessel offered as m ortgage
Letter of no objection from ow ners