The Bank of Maldives (BML) said it has dropped the interest rate on overdue loans from the previous 10% to 2%.
The bank in a message to its customers with ongoing loan repayments, said that the new interest rate became effective Tuesday, 4th April 2023. BML further urged its customers to make regular loan repayment to avoid overdue interest charges.
BML’s decision to provide leniency measures to customers come hot in the heels of a series of improvements on the security features of its online banking services. The bank began fortifying log-in procedures, which included additional authorization protocols, authenticator app integration, dropping email from preliminary OTP options, and the recent introduction of OTP to Scan to Pay services.
