Bank of Maldives, on Sunday, announced a reduction of the interest and profits rates of its Personal and Housing Loans.
BML’s Director of Retail and SME Banking, Moosa Nimal said that "many across the country continue to face uncertainties arising from the COVID-19 pandemic and the new lower financing rates will be a welcome change for our customers, helping to ease access to financing”.
Moreover, BML also reduced the interest rates for its 'Lui Micro' loan aimed for non-salaried individuals at a meagre 12 percent.
For BML's 'Lifestyle Loan', customers can now borrow up to MVR 300,000 with no additional security at a 15 percent interest rate, while loans upwards of the amount up to MVR 1.5 million will be issued at an interest rate of 12 percent.
Updates to its "Home Loan' also introduced the country's lowest interest rates at 10 percent, applicable to both its 'Home Purchase Loan' and the 'Home Construction Loan'. For BML's commercial 'Real Estate Loan' interest rates were reduced to as low as 10.5 percent.
Further changes are to be announced in the coming weeks.
According to the national bank, the interest rates for its popular 'Lui Express' loan was reduced to 15 percent, with eligible customers able to borrow up to MVR 300,000 without any additional security.
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