Bank of Maldives (BML) announced changes to its personal unsecured loan and financing products on Wednesday, 25th January.
The bank said this move will simplify its lending portfolio while increasing the financial limit to MVR1.2 million.
BML will have a single “BML Lui Loan” to cater to all personal borrowing requirements, the bank said. Additionally, BML Islamic Personal Financing will also offer customers Sharia’h compliant financing up to MVR1.2 million which can be used to purchase products or as cash financing.
The bank will now consider salary and any other income for Lui Loan and Personal Financing as eligibility prerequisites.
BML CEO and Managing Director Karl Stumke, speaking about this decision 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. As the bank of choice for Maldivians, we will continue to strive to meet and exceed our customers’ expectations”.
The Lui Loan and Personal Financing instruments are available to apply online through the bank’s internet or mobile banking platforms and will be processed within 5 days.