• So many of your needs may seem beyond your reach, but a Personal Loan from CBM is the easiest way to have the lifestyle you have always wanted.
• Enjoy fast, convenient and 24 x 7 unlimited access points to your account from anywhere in the world through Online & Mobile Banking or through our ATMs.
• You can talk to our loan officers for advice and guidance at any time before and during the repayment period of your loan.
• You could obtain a Personal Loan for a variety of purposes,
• Purchase of a vehicle
• Higher education expenses – locally or abroad
• Family social functions/Weddings
• Purchase of computer / computer equipment
• Purchase of household goods as in furniture, fittings, appliances, mobile phones etc.
• Overseas travel, for business, leisure or education
• Surgical and medical expenses
• Payment of advance for house rentals
• Settlement of an existing Personal Loan obtained from another financial institution
• Or any other purpose, if proven acceptable to the Bank.

Loan amount

• The maximum loan amount you can obtain is flexible, depending on your disposable income, repayment capacity and requirements.

Eligibility

• You need to be a confirmed employee of an organization acceptable to the Bank with a minimum of two years in confirmed employment or a self-employed professional with an established practice/profession and have assured monthly income.
• Your regular income should be directed to an account at our Bank (which could be opened for this purpose) from which the monthly payments could be deducted.
• You should be aged between 20 and 57 years, subject to loan being fully settled before reaching 60 years.
• Minimum salary or your regular monthly income should be MVR 15,000/- (Basic salary), to apply for a Fixed Interest Personal Loan.

How to apply

• You can visit us and discuss your requirement with an officer. He/she will guide you through the loan application process.
• Please fill the Personal Loan application form and hand over to the Bank with the required documentation. Remember to take a valid identity document or Passport if you are not an existing customer of the Bank. This is necessary for us to identify you.

Documents required from you

• Duly completed Personal Loan application form
• Employer’s letter of confirmation of employment
• Employer’s undertaking to remit the salary to your CBM account
• 06 most recent salary slips
• Copy of National Identity Card
• Minimum one-year bank statements to verify salary credits (If salary is not credited to CBM)
• Copy of a recent utility bill showing your name and permanent address

Documents required from your guarantor/s

• Duly completed Guarantor Statement
• Employment and salary confirmation
• 06 most recent salary slips
• Copy of National Identity Card

Repayment period

• You have the option of choosing between an equated or a reducing balance payment schemes.
• Repayment period for Fixed Interest Loans will be up to 5 years. The maximum repayment period will depend on your age and remaining years of service.