Bank of Maldives on Saturday revealed that over 12,000 applicants have applied under the government's economic recovery plan.
Under the plan, BML imposed a temporary moratorium on loan repayments for customers with financial difficulties, allowing customers to postpone monthly principal profit/lease repayments and interest payments for a period of six months, in addition to extending the tenor of the loan by six months as well, resulting in a less taxing loan repayment scheme.
Moreover, the bank stated that the repayment amount would be reduced by 20 percent for the first six months following the moratorium period. Although customers will not need to make payments for six months starting from when the moratorium is granted, BML noted that the interest charged during these months will be added to the outstanding loan amount and spread over the remaining part of the loan.
BML introduced an online portal for customers who wished to apply under the scheme on April 2.
As the country's economy is being severely affected by the loss of revenue in the tourism sector, President Ibrahim Mohamed Solih noted that the government will help those in need through loan schemes and moratoriums.
Experts estimate that the global economy may continue to take even more hits as COVID-19 continues to spread at an alarming rate around the globe.
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