Bank of Maldives (BML), on Sunday, announced a second moratorium on loans and extended the application deadline of the initial moratorium to December 31, 2020.
In March, BML pushed back loan repayments by a six-month period as a measure to reduce the financial repercussions of the ongoing the COVID-19 pandemic on businesses and individuals.
Only applicants of BML's first moratorium will be eligible for its second iteration, which will cover the months September to end of November.
As per the bank, over 17,700 customers with personal, housing or business loans and financing successfully applied for the moratorium by the end of July.
Customers that fulfill the requirements can submit their applications via the bank’s website between September 8 and November 30.
Similar to BML's announcement, the SME Development Finance Corporation (SDFC) extended its initial moratorium on August 26, delaying loan repayments until the end of 2020 in connection to the continued economic repercussions of the pandemic.
In addition to BML and SDFC, the the Housing Development Finance Corporation (HDFC) also introduced a six-month moratorium in March.
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