Vessel Finance Loan Application Form (English)

8/11/2019 Vessel Finance Loan Application Form (English)

1/10Page 1 of 10

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 adjustedbefore 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 yourrepaym 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.

Q ualifying age

O w n contribution

Repaym ent period

Repaym ent capacity

M ortgage


2/10Page 2 of 10

SECTION 1A : APPLICANT DETAILS (PERSONAL BANKING CUSTOMERS ONLY)

ID Card N o.D Card N o.

Contact N os.ontact N os.

O ccupationccupation

Educational Q ualification(Please tick relevant)

Educational Q ualification

Post G raduate

O ccupation

Full nam eull nam e

Agege

Perm anent Addresserm anent Address

O - Level

Nam 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)o. of children

N o. of joining borrow erso. of joining borrow ers Relation of joining borrow ers

G raduate

Present Addressresent Address

Place of W orklace of W ork Years in Jobears in Job

M arital Statusarital Status Single

Divorced

W idowedM arried

Details of Spouse (If applicant is m arried)etails of Spouse

Aged below 18 years Aged above 18 years

SECTION 1B : APPLICANT DETAILS (BUSINESS & INSTITUTIONS ONLY)

Registration N o.egistration N o.

Nam eam e

Registered dateegistered 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 businessain lines of business

Legal entity(Please tick relevant)

egal entity

Private lim ited com pany

Partnership O ther, please specify

SoletraderPublic lim ited com pany

Registered Addressegistered A ddress

Present Business Addressresent Business Address

Phone N o.hone N o. Fax N o.ax N o.

E-m ail.-m ail.

Total investm entotal investm ent

(Please tick relevant)


3/10Page 3 of 10

SECTION 3: INCOME & EXPENDITURE DETAILS (PERSONAL BANKING CUSTOMERS ONLY)

Average m onthly incom everage m onthly incom e

AM O U N 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 eotal incom e

O thers(specify)

Average m onthly expenditure (please provide breakdow n of m ajor sources)verage m onthly expenditure

A M O U N TDETAILS

Rent

Food

Utilities & other bills

School expenses

Total expensesotal expenses

Existing loan repaym ents

O ther credit Facility Repaym ents

O thers(specify)

M onthly net incom eonthly net incom e

Ref N o. Account N um ber Currency

SECTION 2: BANKING DETAILS

N o. of shares heldNam e

% of sharesheldID Card N o. D esignation

Details of Shareholdersetails of Shareholders

M VR USD

M VR USD

M VR USD

M VR USD

Bank/Branch

1

2

3

4


4/10Page 4 of 10

SECTION 4: ASSETS OWNED BY APPLICANTECTION 4: ASSETS OWNED BY APPLICANT

Fixed Deposit Provident fund

M ovable

Car

Is your asset insured? N o

Vessel O thers,please specifyM 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 ountType of facility

Corporate / Personal guarantees provided for credit facilities in the nam es of other persons / entitiesorporate / 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 outstandingType of facility

Collateral / Securities provided for credit facilities in the nam es of other persons / entitiesollateral / Securities provided for credit facilities in the nam es of other persons / entities

Am ount

outstandingLender's nam e Am ount borrow ed SecurityPurpose

Existing loans and borrow ing from third partiesxisting loans and borrow ing from third parties

SECTION 5: LIABILITY / CREDIT FACILITY DETAILSECTION 5: LIABILITY CREDIT FACILITY DETAILS

Am ount

outstandingN am e of Institute Card type Expiry dateCard lim it

Credit cardsredit cards

Am ountoutstandingN am e of Institute Am ount borrow ed SecurityType of facility

O ther credit facilitiesther credit facilities

Collateral provided

(Credit Schem es, Letters of Credit, O verdrafts etc)


5/10Page 5 of 10

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 vesselonstruction of new vessel

Renovation of vesselenovation of vessel

M echanization of vesselechanization of vessel

SECTION 7: PURPOSE OF THE LOAN

Specific Loan Purpose(Check all that apply)

pecific Loan Purpose

To refinance facility availed from :o refinance facility availed from :

M eet cost escalations

Com plete next phase

O ther(Specify)

Purchase of equipm ent /gear for the vesselurchase of equipm ent /gear for the vessel

O therdetails(if construction, renovation or m echanization of the vessel)therdetails

SECTION 6: DETAILS OF RELATED BUSINESSESECTION 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 vesselurchase 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 too increase m y existing vessel finance to

Date of com pletion


6/10Page 6 of 10

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 ercialType of land

Building Flat/Apartm ent LandType 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)o be filled for vessels

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 feesnstructions 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 illbe 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 will be payable)

Proposed term s of repaym entroposed 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 will 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 loanEquity yet to be invested)

Currency:

SECTION 8: LOAN REQUIREMENT

- =+

M VR USD

m onthsyears

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/ lando 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


7/10Page 7 of 10

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 resortso 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 propertieso be filled for industrial properties

Declared valu

(If individual)

Registration N o.(If com pany)

Location(s)

To be filled for stock in tradeo 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)w ner(s) details

Asset ow ned

Details of existing m ortgageetails 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 facilityLender's nam e Am ount outstandingID 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


8/10

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 with accrued interest) if this application or m y/our actions are in contradiction to the above.

Nam e ID card N o.

For Personal Banking Custom ers(singly or jointly w ith other applicants)or Personal Banking Custom ers

Signature

1

2

3

4

5

N am e of signatory

For Businesses & Institutionsor Businesses Institutions

Signature

Designation

Com pany seal

Nam e ID card N o. Signature




Date D D M M Y Y Y Y

Page 8 of 10


9/10Page 9 of 10

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 & Institutionsor 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 ersor 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 bem 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 beingdeposited).

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

Products services

Custom er analysis

M arketing advertising

Com petitive analysis

M arket trends

Labor requirem ents

Location facilities

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).


10/10

FOR BANK USE ONLY

Form & supporting docum ents received by:orm supporting docum ents received by:

Inform ation verified by:nform ation verified by:

Staff signaturetaff signatureStaff IDtaff ID Business unitusiness unit Dateate

Inform ation input to system by:nform ation input to system by:

P 10 f10

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 applicantsor 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 Guarantee 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

Documents

Vessel Finance Loan Application Form (English)