Goods and Services Tax (GST) is subject to 8% effective from 1st Jan 2023.
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Lifestyle Leases are considered for permanent and long serving employees of government and government related organisations who can apply for lease facilities up to MRF 100,000. Under this scheme employees could lease motorbikes and various other consumer durables such as furniture, computers and other electronic items.The funding on a single client/employee ranges from MRF 15,000 to MRF 100,000 for a period ranging from 6 months to 18 months depending on repayment capacity. The initial payment on consumer durable leases is 4% on cost of equipment while for motorcycles is Mrf. 5,000/-. The monthly rental should not exceed 1/3 rd of salary and fixed allowances or lease rental and other deductions should not exceed 50% of salary and fixed allowances. Further, Life Style Leases are flexible and the lease could be structured to meet individual requirements within these limits.
The lease rentals would be deducted from your salary and sent directly to MFLC by your employer. Please check the list of participating organisations under our life style leases.Each individual application can have several assets from different suppliers. MFLC has a wide range of pre-cleared suppliers where you could choose your requirements.
How do I apply for a Life Style Lease?Download application form, fill in the details and hand it over to our reception at 4th floor H. Filigasdhoshuge, Ameer Ahmed Magu, 20-066, Male’. Together with the application you should provide the following
All documents submitted will be subjected to verification of authenticity by us and your application may be declined if there is any discrepancy.
Could I choose equipments from a supplier not registered with MFLC?Yes, you can, once you hand in the quotation MFLC will directly contact the supplier and verify the suitability of the supplier. If the supplier is not acceptable to MFLC then you would be advised to change the supplier.How to register a company or an organization under life style leases?Please contact the reception and give the details of your organization and your name and contact number. A representative will get in touch with you and complete the required formalities.Does the organization have to pay anything to enroll in our lifestyle lease?No, the organization does not have to pay anything. The organization has only to undertake to deduct the rental from the salary each month and send it to MFLC directly on time.If an Employee leaves would the organization be liable for the debt of the employee?No, the organization would NOT be liable for the debt of the employee if he/she resigns. However, the organization would have to inform MFLC in writing that the employee has left the organization and the rental would not be deducted from his/her salary thereafter.
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