1. What types of personal loans do you offer?
- Education
- Land
- Medical
- Motor Vehicles
- Travel
- Home Improvement / Renovation
- Debt Consolidation
- Purchase of Shares
- Vehicle Repairs
- Bridging Finance / Home Construction (if MLCL is funding the mortgage)
- Premium Financing
- Mortgages (on behalf of MLCL)
2. What is required to apply for a personal loan / lease?
- Two Forms of Identification (Drivers Permit, National Identification Card, Passport)
- Proof of address (WASA, T&TEC, TSTT, Cable Bill, Bank Statement)
- Job Letter & Salary Slip (current)
- Bank Statements (last 3 months)
- Quotation / Invoice / Purchase Agreement
- Downpayment / Funds for Closing Charges
3. What types of commercial loans do you offer?
- Asset Acquisition (Computer Systems, Equipment, Heavy Duty Vehicles, Machinery, Motor Vehicles Etc)
- Purchase of Commercial Property
- Project Financing
- Real Estate Development
- Working Capital
- Inventory
- Business Expansion
- Structural Repair & Renovation
4. What is required for a commercial loan / lease?
- Valid form of identification for Key Personnel
- Company Profile
- Certificate of Incorporation
- Letters requesting facility
- Articles of Continuance / Incorporation and By Laws
- Audited Financial Statements or Management Accounts with supporting bank statements (3 years)
- Cash Flow projections
- Valuations / Quotation / Invoice / Purchase Agreement
- Downpayment / Funds for Closing Charges
- Favourable Credit Reports
- Notice of Directors, Secretary & Address
- Evidence of Security
- Copy of VAT Registration (if applicable)
- Copy of Annual Returns
- Aged Debtors Listing
5. What is the minimum amount that I can get a loan (personal or commercial) for?
6. How long do I have to re-pay a loan?
The repayment term of a loan can range from 1 to 7 years (conditions apply).
7. How long do I have to re-pay a lease?
The repayment term of a lease can range from 1 to 5 years
8. What is the interest rate I will pay on a loan?
Interest rates may vary depending on the risk rating of the project as determined by Fidelity Finance Limited.
Interest rates for personal loans can start from as low as 7.1% and commercial loans from as low as 8%*.
*Effective rate
9. What is the minimum downpayment required for a loan?
10% of the loan amount (subject to approval). In some cases, the downpayment required may be higher.
10. What is a Premium Financing loan?
A Premium Financing loan allows you to spread out the payment of your general insurance premium over a 12-month period, instead of paying the full amount at renewal.
11. Do you offer deposit products?
Yes, we do. We offer three different types of deposits.
|
Product
|
Term
|
Interest Rate
|
|---|---|---|
| Regular Fixed Deposit |
1 year
|
1.30%
|
| Mustard Seed Silver |
3 years
|
2.00%
|
| Mustard Seed Gold |
5 years
|
2.25%
|
12. What is the minimum amount that I can put into a Fixed Deposit?
You can make a fixed deposit from as low TT$1,000.00.
13. What is a Lease?
A lease is a credit facility that permits you, the lessee, the use of an asset for a rent, without having title to that asset.
14. What assets can I lease through Fidelity Finance?
The most common assets we provide leasing for are Motor Vehicles and Equipment.
15. Who do I make my mortgage payments to?
Mortgage payments are made payable to Maritime Life (Caribbean) Limited.