BML distributes MVR 532 million in loans to large businesses

Bank of Maldives customer service center | Photo: Corporatemaldives

Male’, Maldives – Bank of Maldives (BML) has given out MVR 532 million in loans to large enterprises which were affected by Covid-19 pandemics impact on the economy.

According to the statistics released by Finance Ministry, until October 1, BML had gotten loan applications from 573 parties and out of that they had already approved 4410 parties for the loans and so far they released loans to 377 parties out of this. While 135 applications were incomplete, BML had rejected 16 applications and 12 were in processing stage according to the statistics by the ministry.

These loans do not need any mortgage and are given with an annual interest rate of six percent and also with a six month grace period. While the borrowers get a total of three years including the grace period to pay back the loan while during the grace period they would not be charged any interest nor they need to pay back the principal amount.

Even during Covid-19 pandemic, BML has continued to give out their normal loan facilities as before and in addition to this they have also been providing the special financing facilities and recovery schemes for businesses affected by Covid-19. BML also provided a six month moratorium to all the loans taken from the bank and also increased the foreign withdrawal limits for those living abroad.

The government introduced a package of MVR 2.5 billion as a recovery scheme for businesses which got affected by the pandemic and has been distributing it through various institutions. After the borders opened in July 15, the central bank of Maldives, Maldives Monetary Authority has said that signs of economic improvement has started to be seen.