BML reduces Kiyavaa Loan and Education Financing rate
The repayment period for existing customers will be automatically reduced
Bank of Maldives
Bank of Maldives has announced the reduction of its student Kiyavaa Loan and Education Financing rate to five percent.
BML states that the change will be effective from 01 February 2023 onwards.
The bank further notes that the reduced rate is applicable for both new and existing facilities.
Additionally, the bank highlights that the repayment period for existing customers will be automatically reduced with the new lower interest and financing rate.
BML says that further details, as well as the option to pay a lower monthly installment, will be communicated to all existing Kiyavaa Loan customers.
The bank's CEO and Managing Director, Karl Stumke stated that they are delighted to bring positive changes to the student loans that will allow easier access to funding for students seeking further education anywhere in the world.
The BML Kiyavaa Loan and Education Financing is available for students to cover 75 percent of the cost of education including tuition fees and other living costs and is offered with a repayment period of 10 years.
