Bank of Maldives (BML), on Thursday, introduced unsecured Green Loans which allow eligible customers to borrow between MVR 50,000 to MVR 500,000 without any additional security.
The unsecured Green Loan has a repayment period of five years and carries a 12 percent interest rate. The interest rate is lower compared to those charged for the bank’s other unsecured loan products.
Furthermore, BML has reduced the interest rate of the secured Green Loan to 10 percent for personal and business customers seeking to borrow funds for larger investments of up to MVR 20 million. The secured Green Loan is available with an own equity contribution of 15 percent and an extended repayment period of 20 years.
According to the bank, the aforementioned steps were taken in an effort to offer better value for customers, enabling individuals and businesses to affordably create a more sustainable community.
The Green Loan is available for renewable energy projects including solar power generation, as well as for the purchase or investment in energy efficient products.
"Given the growing demand for environment-friendly solutions in the country, the changes brought to our Green Loan together with the introduction of the unsecured Green Loan now provides easier access to finance to implement renewable energy solutions", stated BML’s Director of Retail and SME Banking, Moosa Nimal.
"The changes announced today will also encourage growth of businesses in the renewable energy market".
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