Bank of Maldives (BML) has increased the maximum age for loan and financing eligibility from 60 to 75 years.

Speaking at a press conference held at BML Head Office today, the bank's CEO, Mohamed Shareef, stated that until now, the bank issued loans such that they would mature by the time the borrower reached 60 years of age. However, he noted that during yesterday's board meeting, that age limit was extended to 75 years.

"For instance, a 55-year-old was previously only given loans that had to be repaid within five years. Now, that has been changed to 75 years," Shareef explained.

Shareef highlighted that with this change, middle-aged individuals will find it easier to secure loans for major needs and will have the opportunity to spread their loan repayments over a longer duration.

He further added that even for elderly individuals, BML currently issues credit cards provided they have a steady source of income.