Over 12,000 requests have been filed for loan moratoriums offered to ease the economic impacts of Covid-19, says Bank of Maldives (BML).
According to a press statement released by BML on Saturday, an online portal to register for the loan moratorium had been established and has been operational since April 2nd.
Procedure upon registering for the loan moratorium:
No payments need to be paid in the first 6 months nor will any compound interest be charged.
An amount 20% less than the initial payment will be incurred each month for the next six months.
Afterwards, interest from the grace period will be added to the loan and the whole amount will be divided over the remaining repayment period.
BML further states that the loan moratorium offer is available until September 2020, adding that the offer will be effective from the month of the request was submitted.
Applicants must not have payments overdue for more than 30 days, says BML.
The offer is also valid for customers with personal, housing and business financing from BML Islamic with the exception of Murabaha financing.
