Male’, Maldives – Bank of Maldives (BML), has introduced unsecured Green Loans for personal and business customers hoping to invest in renewable energy.
BML said that eligible personal banking customers can borrow from MVR 50,000 up to MVR 500,000 without any additional security at 12% interest, and that customers can choose up to a 5 year period for repayment.
The bank also said that it would be lending personal & business customers keen on a large investment to take on sustainable energy project from MVR 50,000 to MVR 20 Million with additional security at a 10% interest rate. Loans above MVR 500,000 can be payed off over 20 years. The Green Loan is obtainable for renewable energy projects such as solar power systems, and for the procurement of eco friendly products.
With their Green Loan, BML says they aim to finance green technology to create a more sustainable community.
These changes come after BML announced lower interest rates on multiple loans at the beginning of this month.
“With the increasing demand for environment-friendly solutions in Maldives, the changes brought to our Green Loan in conjunction with the introduction of the unsecured Green Loan will allow for easier financing of renewable energy solutions”, stated BML’s Director of Retail and SME Banking, Moosa Nimal.