The revised financing options include Real Estate Financing, Guesthouse Financing, and Working Capital Financing.
Bank of Maldives (BML) has introduced changes to its financing products to better support businesses across the country.
The revised financing options include Real Estate Financing, Guesthouse Financing, and Working Capital Financing.
Under the changes to real estate financing, the minimum equity requirement has been reduced from 30 percent to 20 percent, while the repayment period has been extended from 15 to 20 years. Businesses, contractors, developers, and government institutions with long-term lease agreements are now eligible to apply for financing.
For guesthouse financing, guesthouses proposed for financing can now be listed as sole security. Additionally, guesthouses that have been in operation for more than two years can access financing at an 11 percent interest rate, while newly established guesthouses can obtain loans at a 12 percent interest rate.
BML has also made changes to working capital financing, allowing businesses to borrow up to 2.5 times their monthly income. The terms of loans have been relaxed to create more opportunities for businesses to secure the financial support they need.
BML CEO and Managing Director Mohamed Shareef said that these changes reflect the bank’s commitment to the Maldivian business community.
“By making financing more accessible and offering improved terms across multiple sectors, we are providing businesses with the financial support they need to expand, innovate, and thrive in today’s dynamic market,” he said.
BML also recently announced major changes to its housing financing facilities.
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