Bank of Maldives (BML) has reduced the interest rate on the banks student loan "Kiyavaa Loans" to five percent.
At the ceremony held at CROSSROADS celebrating BML's 40th anniversary, the bank's Chairperson, Yooshau Saeed said the interest rate on the current and new "Kiyavaa Loans" issued by the bank will be reduced to five percent starting from February 1.
Previously, the interest rate on study loans were 9 percent. The interest rate on the loan was 11 percent before December 2021.
The Chairperson said the change was brought after considering students and parents raised concern about the high interest rates.
"Our programs are designed to empower individuals, associations and communities alike, in a way that provides a wide range of opportunities. Our goal is always to bring about positive changes that the community needs," Yooshau said.
He said BML had opened its doors with only 10 employees but it has become one of the largest banks in the Maldives in the past 40 years, adding that the bank's top priority is to make services easier with the help of the latest technology.
Yooshau, speaking about the recent challenge faced by the whole world during the Covid pandemic, said the bank gave top priority to the safety of their customers and employees and strived to provide uninterrupted banking services.
Yooshau noted that USD 90 million was provided to ease the liquidity pressure after necessary funding was obtained from abroad.
He said BML would give priority to providing financial security to the state and the people of Maldives.
BML has 35 branches, 82 self-service banking centres, 140 ATMs and over 200 cash agents in 20 atolls across the country.
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