1. What types of personal loans do you offer?

We offer personal loans for:

  • 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 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. We provide leases for motor vehicles, office equipment, and plant and machinery.

3. What is required to apply for a personal loan / lease?

Basic requirements for a personal loan include:

  • 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

4. What types of commercial loans do you offer?

We offer financing for all your commercial ventures including:

  • 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

5. What is required for a commercial loan / lease?

Basic requirements for a commercial loan / lease include:

  • 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

6. What is the minimum amount that I can get a loan (personal or commercial) for?

The minimum value offered for individual and commercial loans is TT$20,000. 

7. 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).

8. How long do I have to re-pay a lease?

The repayment term of a lease can range from 1 to 5 years

9. What is the interest rate I will pay on a loan?

Interest rates may vary depending on the risk rating of the project.

Interest rates for personal loans can start from as low as 7% and commercial loans from as low as 8%*.

*Effective rate

10. What is the minimum downpayment required for a loan?

For vehicle loans, 10% of the loan amount is required (subject to approval). In some cases, the downpayment may be higher.

For other assets, the minimum downpayment varies based on security.

11. 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, in more affordable installments, instead of paying the full amount at renewal.

12. 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%

13. 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.

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.

Didn’t find what you were looking for? Submit your question and we’ll get you a response within 2 working days.