The Bank of Maldives (BML) has announced amendments to its personal unsecured loan and financing products.
The country’s national bank announced this in a publication on Wednesday, which revealed that the bank has simplified its lending portfolio and increasing the financing limit to MVR 1.2 million.
As such, BML will have a single “BML Lui Loan” to cater for all personal borrowing requirements from Wednesday onwards.
In addition to this, BML Islamic Personal Financing will also offer customers Shari’ah compliant financing up to MVR 1.2 million. This may be used to purchase products or as cash financing.
Managing Director and CEO of BML, Karl Stumke assured that the bank will continue to strive to meet and exceed the expectations of their customers, as the bank of choice for locals.
We are delighted to announce this change to our portfolio which allows customers to access a much larger pool of funds for personal use, whatever the need is. As the bank of choice for Maldivians, we will continue to strive to meet and exceed our customers’ expectations.”Karl Stumke, MD and CEO of BML.
BML went on to note that Lui Loan and Personal Financing are available for application through internet or mobile banking.
The Lui Loans and Personal Financing applications will be processed within five days.
The Lui Loan, which offers a quick lending solution without a mortgage for purposes including to improve the quality of life, assist in starting up small businesses or expand small businesses, comes with an interest rate of 15 percent per annum with a repay period of five years.
Other key features of Lui Loans include having an easy and convenient process with quick processing time, automatically deducting repayments from income account and no requirements for security or quotation.
Maldivians between the ages of 18 to 60 with an income routed to BML account for more than 12 months and have a satisfactory repayment history of all credit facilities for 12 months, are eligible for the Lui Loan.
BML added that personal financing is designed to offer their customers financing for goods purchased through authorized dealers or just cash based on the requirements of customers and include key features such as a processing fee of one percent to be charged for the amount being financed.
Financing is available from MVR 10,000 to MVR 1.2 million at a rate of 15 percent per annum with a financing period set at five years and no requirements for further guarantee or security.