The Bank of Maldives (BML) has announced a promotion for customers applying for ‘Lui loan’ and BML Islamic Personal Financing.

The country’s national bank made the announcement via a publication on Thursday.

As such, the bank noted that applications collected and approved during the promotion period will qualify for the promotion.

The promotion will proceed through 10 March 2024.

According to the bank, a lucky winner will be selected at the end of the promotion period.

The lucky winner has been promised a grand prize of MVR 50,000.

The bank earlier this week announced the launching of instant approval for personal loan and financing facilities as well, a first-of-its kind in the country.

BML revealed that eligible customers will be able to view and apply for loans or financing through Internet or Mobile Banking which will be approved instantly and disbursed in just four hours.

Karl Stumke, CEO and Managing Director of BML revealed that improving customer satisfaction through digitalization is an important part of their strategy and that they are continuously working hard to bring positive changes to their processes and implementing systems that enhance customer experience.

BML revealed that the available financing amount shown is based on their credit evaluation for individual customers.

Customers will be able to choose an amount up to the credit limit shown, which will be available at a rate of 15 percent per annum with a repayment period of five years.