Bank of Maldives (BML) on Sunday announced a special promotion for customers applying for certain loan and financing schemes of the bank, with the opportunity to win iPhones and monetary prizes.
The bank unveiled the promotion at a press conference held to announce positive changes to its personal loans and financing portfolio to offer more flexibility for BML customers.
According to BML, customers that apply for the bank's Lui Express, Lui Micro, BML Vehicle Loan, BML Islamic Personal Financing and BML Islamic Vehicle Financing from March 1 to April 30 will be eligible to participate in the promotion.
The bank will select grand winners among customers applying for Lui loans and BML Islamic Personal Financing, who will be eligible to receive a prize of MVR 100,000 each, and one grand winner among customers applying for vehicle facilities who will receive MVR 50,000. Nine winners selected on a weekly basis also stand to receive an iPhone each.
- Customers, whose salaries are 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 one month’s salary deposited to BML via payroll service.
- Customers who have been employed for 12 months, are now eligible for Lui Express and BML Islamic Personal Financing with a minimum of three months with their current employers. BML also removed the requirement for employment letters if their salaries are deposited via BML payroll service.
- Refinancing of the existing loan facility is now allowed after three months, depending on any changes to the income level.
- Customers purchasing two wheelers through BML Vehicle Loan and BML Islamic Vehicle Financing no longer require a down payment. BML also now offers the best instalment plan to purchase electric vehicles at a lower interest/profit rate.
- Rent-earning customers are now eligible to borrow up to MVR 300,000 under the BML Lifestyle Loan, without any security and with a repayment period of five years. BML noted that customers with existing Lifestyle Loans are further eligible to apply for refinancing after satisfactory repayments.
“The positive amendments reflect our commitment to fulfilling customer needs by providing more flexibility and an easier application process for our personal loan and financing products. Today’s announcement includes changes to our Lifestyle Loan through which customers can now borrow up to MVR 300,000; and our Vehicle Loan which now offers a low interest rate for electric vehicles. The changes announced today will also be reflected in our Shari’ah compliant products available from BML Islamic", said BML’s Director of Business Kuldip Paliwal regarding the new changes.
The main bank of Maldives currently operates a nationwide network of 38 branches across the 20 administrative atolls, with 51 Self Service Banking Centres, 115 ATMs, 277 agents and a full suite of Digital Banking services.
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