Bank of Maldives (BML) has reduced the borrowing rates for personal and housing loans.
The country’s national bank revealed that the interest rate for the ‘Lui Express’ loan has been reduced to 15 percent.
BML revealed that eligible customers can borrow as much as MVR 300,000, without any additional security and the interest rate for ‘Lui Micro’ loan has also been reduced to 12 percent. The ‘Lui Micro’ loan is ideal for those who do not receive a fixed regular salary.
Further, customers can also enjoy a reduced interest rate of 15 percent to borrow up to MVR 300,000 with no additional security, under the BML ‘Lifestyle Loan’ which is ideal for property owners who receive regular rental income.
Interest rates remain at 12 percent with additional security for customers seeking to borrow upwards of MVR 300,000, up to MVR 1.5 million.
BML’s ‘Housing Loan’ portfolio with an interest rate of 10 percent, offers the lowest interest rates in Maldives. This BML said, applies for the ‘Home Purchase Loan’ as well as the ‘Home Construction Loan’ with 50 percent equity.
In addition, interest rates for the commercial ‘Real Estate Loan’ have also reduced as low as 10.5 percent.
With over 15% reduction in pricing, today’s announcement is a significant positive change in our portfolio. Many across the country continue to face uncertainties arising from the Covid-19 pandemic and the new lower financing rates will be a welcome change for our customers, helping to ease access to financing. We have also introduced similar reductions in our BML Islamic portfolio"Moosa Nimal, BML’s Director of Retail and SME Banking.
BML promises that additional changes to their loan and financing products for both personal and business customers will be announced in the future.
