The Bank of Maldives has opened applications for the second moratorium announced in late August.
In an announcement publicized on Tuesday, the country’s national bank revealed that the loan deferment is for customers with existing personal, housing and business loans. As such, said customers may apply for loan deferments for the repayments due to start in the ongoing month.
Eligible customer may log-in to the moratorium portal on the bank’s website to apply.
Through the portal, customers may view the loans available through the second moratorium alongside the new repayment amounts.
Repayments will not be required until December 2020, once the applications are processed and approved.
Further, BML noted that applications for the second moratorium with repayments due to start in October and November will be accepted from October 8 and November 8, respectively.
BML Islamic customers will be informed at a later date through a separate announcement, once the second moratorium applications are opened for them.
The bank noted that customers who are able to make the loan repayments regularly following the initial six-month moratorium, they may abstain from applying for the second one.
Additional information regarding the process has been made available through thewebsite.
In late August, the bank extended the application deadline for the first moratorium, until year-end.
BML received over 17,000 applications for loan deferment including for personal reasons, housing and business finance by July, when the moratorium was announced the first time round, in light of the ongoing Covid-19 crisis.
BML will be accepting loan deferment applications between September 8 to November 30 through the portal.
In March, BML announced the moratorium of loan repayments for customers as part of the government’s Economic Recovery Plan to minimize the impact on individuals and businesses due to the outbreak, which has struck the country’s economic growth, hard.
The moratorium allowed a freeze on monthly principle and interest repayments for a period of six months and the tenor of the loan was extended for this period, this allowed more time to repay the accumulated interest and principal repayments.
