Bank of Maldives (BML) announced several changes to its personal loans portfolio on Sunday.
Speaking at a press conference, Director of Business at BML Kuldip Paliwal stated that three BML loan schemes were altered to accommodate the changing financial needs of its customers.
Kuldip highlighted that BML customers can now take larger loans and enjoy extended repayment periods.
The Lui Express loan, which is aimed at individuals who receive fixed incomes, was increased to MVR 300,000. Additionally, the repayment period was extended to 5 years which will reduce monthly repayment installments by 16 percent. The Lui Express Loan does not require additional security or contribution.
Furthermore, BML customers can now take up to MVR 100,000 under the existing BML Lifestyle Loan which is suited for rent earning customers. While this loan does not require any security, customers may borrow up to MVR 1.5 million if they mortgage their rental property. The repayment period of the BML Lifestyle Loan is also set at 5 years.
The borrowing limit of the Lui Micro Loan, previously known as the Lui Loan, was increased to MVR 25,000 compared to a previous figure of MVR 15,000. Customers will also experience a 14 percent reduction on monthly instalments after the repayment period was set for five years. The Lui Micro Loan is suitable for individuals who do not receive fixed incomes.
BML also revealed that loan approval procedures were simplified so that all loans taken without mortgages would now be processed by the bank within five days of application.
Deputy CEO and Director of Operations of BML Mohamed Shareef also spoke at the event highlighting the convenience accorded by BML loans. Statistics reveal that approximately 40,000 customers are using the Lui Loan scheme.
The Maldives main bank currently boasts a nationwide network of 36 branches, 38 self-service banking centres and 100 ATMs across 20 atolls as well as digital banking services.