BML to provide personal financing up to MVR 300,000 to fishermen from tomorrow

Bank of Maldives (BML) will begin issuing unsecured financing of up to MVR 300,000 to registered fishermen from tomorrow, the Ministry of Fisheries said today.

The loans, available through BML’s personal financing scheme, will be accessible to those listed in the National Register of Fishermen. Facilities range from MVR 10,000 to MVR 300,000 and will not require any collateral or equity.

The financing carries an interest rate of 15 percent, with applications open via internet and mobile banking platforms. Eligibility will be determined based on the applicant’s average monthly income, the bank said earlier.

Fisheries Minister Ahmed Shiyam said 95 percent of active fishermen are already registered and encouraged those who are not to complete their registration to access the support.

He added that the initiative is part of the government’s efforts to retain people in the fishing sector. Minister Shiyam said that President Dr Mohamed Muizzu aims to ensure that fishing remains a viable livelihood, and schemes like these are essential to sustain the industry.

Once approved, fishermen will also be eligible for BML’s home finance, study loans for family members, and credit cards.

While repayment obligations remain consistent annually, allowances may be made for low fishing season.