BML has decided to decrease the interest rate on Islamic Education Financing and study loans to 2.5 percent.
Bank of Maldives (BML) has decided to decrease interest rates on study loans and Islamic Education Financing to 2.5 percent.
The decision was reached at a board meeting held last week.
Additionally, BML announced that the bank would provide financing of studies of up to 90 percent, inclusive of tuition fees and living expenses.
With these new changes, the duration of repayment required of those currently issued with these loans will automatically decrease.
"With the changes brought to financing rate last year, we were able to facilitate higher studies for students who aimed to study in any country of the world. And with the changes brought today, this opportunity is presented to even more students," BML CEO Karl Stumke said.
BML will be sharing further details to loan recipients, including how to structure the repayments in a manner to decrease the rate of monthly installments.
BML Islamic Education Financing and BML Study Loans allow students to seek higher education anywhere in the world. The loan repayment duration is ten years.
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