Bank of Maldives (BML) has announced a second moratorium for its loans and financing and has extended the application deadline for their first moratorium for their Islamic finance customers.
The bank announced its moratorium in March 2020 to minimize the impact on individuals and businesses due to COVID-19. And at the end of July 2020, more than 17,700 customers with personal, housing or business loans and financing had successfully applied.
BML said that the customers who have not applied can now apply for the moratorium until 31 December 2020.
A statement issued by the bank today said that many customers who have already applied are now coming to end of their six-month moratorium. Therefore, for those customers, the Bank is offering a new moratorium which will cover the months of September to end-November. This is only for those who are already on a moratorium and would have started repaying again during those months.
Eligible customers can apply for the new moratorium online via the Bank’s website from 8th September to 30 November 2020. If customers are able to meet the loan repayments regularly following the initial six-month moratorium, they may not wish to apply.