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BML opens applications for second moratorium on loans

Fathmath Shaahunaz
08 September 2020, MVT 17:44
Bank of Maldives (BML) head office in Male' City. PHOTO/BML
Fathmath Shaahunaz
08 September 2020, MVT 17:44

Bank of Maldives (BML) on Tuesday opened applications for its second moratorium, for customers with personal, housing and business loan moratoriums with repayments due to start this September.

Eligible customers can log in to the moratorium portal on BML's website, https://www.bankofmaldives.com.mv/moratorium, to apply for the moratorium.

According to the bank, the loans available for the second moratorium and the new repayment amounts can be viewed through the portal.

Initially 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.

However, upon announcing the second moratorium at the end of August, the deadline of the repayments has been extended to December 2020.

BML noted that applications for the second moratorium with repayments due to start in October and November will be accepted from October 8 and November 8, respectively.

The bank will also issue a separate announcement once the second moratorium application process is open for customers of BML's Islamic banking branch.

Similar to BML, 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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