Bank of Maldives (BML) on Wednesday announced changes to its personal unsecured loan and financing products.
The bank has said it will now have a single “BML Lui Loan” to cater to all personal borrowing requirements, and that the lending portfolio is simplified while the financing limit has been increased up to MVR 1.2 million.
Additionally, the bank said its ‘BML Islamic Personal Financing’ will be offering customers with Sharia’h compliant financing up to the same limit. The loan can be used to purchase products or customers may receive it as cash financing.
With this change, the bank will now consider salary as well as any other income source for both Lui Loan and Personal Financing.
Speaking about the bank’s decision, BML CEO and Managing Director Karl Stumke said, “We are delighted to announce this change to our portfolio which allows customers to access a much larger pool of funds for personal use, whatever the need is”.
BML Lui Loan and Personal Financing are available to apply online through its internet and mobile banking platforms and are processed within 5 days.