Bank of Maldives (BML) on Wednesday, February 14, 2024 has announced the launch of instant approval for personal loan and financing facilities.
The first-of-its-kind service was launched by the bank allowing eligible customers to view and apply for loans and financing through their internet and mobile banking platforms. Upon submission the forms will be approved instantly and disbursed in just four hours; provided the documents of applicants sufficiently prove their eligibility.
“Improving customer satisfaction through digitalization is an important part of our strategy, and we are continuously working hard to bring positive changes to our processes and implementing systems that enhance customer experience,” said Karl Stumke, the Managing Director and CEO of BML.
“With today’s announcement, we can now approve Lui Loan or Personal Financing requests instantly, bringing down our processing timeframe from 5 days to just minutes.”
The available financing amount is shown based on the bank’s credit evaluation for individual customers, while customers can choose an amount up to the credit limit shown to them; which will be available at a rate of 15% per annum with repayment in a five-year period.
