Bank of Maldives (BML) has announced positive changes to its personal loans and financing portfolio to offer more flexibility to their customers.

The changes were announced at a press conference held today where the Bank announced a promotion for customers applying for Lui Express, Lui Micro, BML Vehicle Loan, BML Islamic Personal Financing and BML Islamic Vehicle Financing.

According to BML, customers who apply for the loans and financing from 01st March until 30th April will be eligible to participate in the promotion. Nine weekly winners will be selected to receive an iPhone each. Two grand winners among customers applying for Lui loans and BML Islamic Personal Financing will also be eligible to receive a prize of MVR 100,000 each, and one grand winner among customers applying for vehicle facilities will receive MVR 50,000.

Director of Business at BML, Kuldip Paliwal stated the positive amendments reflects the bank’s commitment to fulfilling customer needs by providing more flexible and an easier application process for our personal loan and financing products.

“Today’s announcement includes changes to our Lifestyle Loan through which customers can now borrow up to MVR 300,000; and our Vehicle Loan which now offers a low interest rate for electric vehicles. The changes announced today will also be reflected in our Shari’ah compliant products available from BML Islamic.” Kuldip Paliwal said.

Under the newly introduced features to the BML loan scheme, customers whose salary is being deposited to other banks for the past 12 months are now eligible with a minimum of 1 month’s salary deposited to BML via payroll service and the employment letters are no longer required for customers if salaries are deposited via BML payroll service.

BML also made changes to some of the existing features. Now, customers with 12 months employment with a minimum of 3 months with the current employer are now eligible for loans where this was previously for 6 months.

And refinancing of the existing loan facility is allowed after 3 months depending on any changes to the income level while the bank required a duration of 12 months in the past.

The bank also updated their vehicle loan and financing with a lower interest rate introduced for fully electric vehicles as part of the bank’s effort to encourage environmentally friendly initiatives.

The BML Vehicle Loan is the most competitive on the market as there is no down payment for motorcycles and 2-wheelers and it is also the lowest installment plan available in the country.

BML Lifestyle Loan Rent earning customers can now borrow up to MVR 300,000 without any security with a repayment period of 5 years. Currently the maximum limit is MVR 100,000 Customers with existing Lifestyle Loans are further eligible to apply for refinancing after satisfactory repayments.

The new promotion opened up by BML today offer’s customers who apply for the loans and financings between 1 March and 30 April to be eligible to participate from the successful applications processed each week, one customer will be selected to receive an iPhone. Two grand winners among customers applying for Lui loans and BML Islamic Personal Financing will receive a prize of MVR 100,000 each. One grand winner among customers applying for vehicle facilities will receive MVR 50,000.