Bank of Maldives (BML) has announced changes to the bank’s personal loans and financing portfolio in addition to launching a special promotion.
At a press conference held on Sunday, BML revealed that changes have been brought to loan eligibility requirements and announced a special promotion for customers applying for BML Lui Micro Loan, BML Vehicle Loan, BML Islamic Personal Financing and BML Islamic Vehicle Financing.
Speaking at the press conference, BML’s Director of Business Kuldip Paliwal noted the popularity of BML’s personal financing schemes and stated that the bank aims to make positive changes according to the customer’s needs. Hence, a number of changes have been made to these loan facilities, said Kuldip, adding that these changes will also be brought to BML’s Shariah-compliant products.
As requirements for new lending changes, we too are making positive changes that our customers want. We have made a number of changes to our personal loans to make it even easier to apply. Together with the changes, we are also giving away more than MVR500,000 worth of prizes. Weekly prizes and grand prizes. The changes in the conventional personal loan product and the promotions shall also be reflected in our Islamic productsBML’s Director of Business Kuldip Paliwal
BML’s Head of Retail Banking Moosa Nimal explained that the promotion will be available for customers applying for personal loans and financing from March 1st to April 30th. Further, he stated that customers participating in the promotion stand a chance to win an iPhone every week.
Moreover, he announced that two lucky draw winners will be selected from customers that applied for Lui loan and Islamic Personal Financing, adding that each winner will be awarded MVR100,000. Likewise, one winner will be selected from customers applying for BML Vehicle Loan and Vehicle Financing will be awarded MVR 50،000.
Elaborating on changes brought to loan eligibility requirements, Nimal revealed that customers whose salary is currently being deposited to other banks for the past 12 months are now eligible for Lui Express and BML Islamic Personal Financing with a minimum of 1 month’s salary deposited to BML via payroll service.
Further, customers with 12 months of employment under their belt will only require three months of employment at their current workplace to be eligible for Lui Express and BML Islamic Personal Financing, said Nimal, adding that the bank does not require employment letters if their salaries are deposited through the bank’s payroll service.
Additionally, Nimal stated that loans will be eligible re-financing after three months as well.
The bank also revealed that rent-earning customers can borrow up to MVR300,00 to be repaid within five years under BML Lifestyle Loan and do not require a security deposit while Vehicle Loans are currently available at a low-interest rate for electric vehicles.
