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Relief loan amount for freelancers revised to MVR 30,000

The relief loan amount for self-employed personnel including freelancers have been revised to MVR 30,000 from the MVR 18,000 that was initially decided on.

Finance Minister Ibrahim Ameer made the announcement during a press conference on Saturday.

Minister Ameer said that the MVR 18,000 loan limit announced by SME Finance Corporation has been increased to MVR 30,000 as he believes that it would provide more ease and benefits for the receivers.

Self-employed personnel and freelancers are eligible to receive the relief loan from the SME Finance Corporation.

Only self-employed individuals who have worked for six of the last 12 months, and earned a verifiable income during that period are eligible for the loan.

The loan is being given without a security and an interest rate of 6% to be paid over 3 years.