Bank of Maldives decreases interest rates of some of its loans

Building of Bank of Maldives, in Male', Maldives | Photo: BML

Male’, Maldives – Bank of Maldives (BML) has announced that the bank has brought favorable changes to the the profit share and decreased interests rates for several loans provided by the bank.

As per the new changes, BML revealed that the interest rates of the Lui Express Loan, has been decreased to 15 percent, and that customers who are eligible for this loan would be able to take loans as big as MVR 300,000 without any mortgage. The bank further revealed that the interest rates of Lui Micro Loans, which are being issued to customers without a steady salary, have also been decrease to 12 percent.

Adding on the bank explained that landlords will also be able to take up loans worth up to MVR 300,000 at a new interest rate of 15 percent, without having to put up a mortgage. However, loans between MVR 300,000 and MVR 1.5 million would still require a mortgage, said the bank.

Further, the Home Purchase Loans and Home Construction Loans have also gotten interest rates slashed, with the new rates being as low as 10 percent. Meanwhile, the interest rates of Real Estate Loans have also been cut down to 10.5 percent.

Speaking regarding the new changes brought by the bank, the Director of Retail and SME Banking, Moosa Nimal said that favorable changes have been brought to the loan portfolio of the bank, as the rates have been cut down by 15 percent.

“As our customers across the country face tough times due to the Covid-19 pandemic, the newly set rates would allow them to seek financial assistance easily. The rates of the portfolio of BML Islamic has also been amended accordingly.” Nimal said.

BML is expected to release further details on the changes brought to the loans in the upcoming week.