Bank of Maldives (BML) has further reduced its student loan and education financing rate.

In a statement publicized on Sunday, the country’s national bank announced the decision to lower its student ‘Kiyavaa Loan’ as well as the Education Financing rate to 2.5 percent.

The decision was reached by the bank’s Board of Directors, during a meeting held on January 24.

According to the national bank, the newly reduced rate will be effective from February 1 onwards.

The new rate will be applicable for both new and existing facilities.

In addition to this, the student loan and education financing rate have been made available to cover up to 90 percent of the cost of education, including tuition fees and other living costs.

The repayment period for existing customers will automatically be lowered, with the new interest and financing rate.

Karl Stumke, the bank’s CEO and Managing Director expressed delight in announcing the reduction to the student financing rates and added that their reduction last year was a positive change that paved the path for students to have easier access to funding for further education anywhere across the globe.

Stumke highlighted that the bank looks forward to paving the opportunity to an even bigger group of students, with the new reduction.

Further details including the option to pay a lower monthly installment will be shared with all existing customers of ‘Kiyavaa Loan’ and Education Financing.

With a repayment period of 10 years, the BML ‘Kiyavaa Loan’ and Education Financing is available for students to cover the cost of further education anywhere across the globe.