Bank of Maldives has today announced changes to the interest and profits rates of their Personal and Housing Loans and Financing portfolio to offer better value for its customers with similar changes for BML Islamic portfolio.
A statement issued by the bank said that the interest rate for the widely popular Lui Express loan has been reduced to 15 percent and the eligible customers can now borrow up to MVR 300,000 at the lower rate without any additional security. In addition, the interest rate for Lui Micro loan, designed towards non-salaried individuals who do not receive a fixed regular salary, has been reduced to 12 percent.
BML said that for the unsecured BML Lifestyle Loan, set for property owners who receive regular rental income, customers can now enjoy a reduced interest rate of 15 percent to borrow up to MVR 300,000 with no additional security. For customers seeking to borrow upwards of MVR 300,000 up to MVR 1.5 million, interest rates remain at 12 percent with additional security.
“At 10 percent interest, BML’s Housing Loan portfolio now offers the lowest interest rates in the country. This applies for the Home Purchase Loan as well as the Home Construction Loan with 50 percent equity. For the commercial Real Estate Loan, interest rates have been reduced to as low as 10.5 percent.” BML said.
Director of Retail and SME Banking at BML, Moosa Nimal said that with over 15 percent reduction in pricing, today’s announcement is a significant positive change in portfolio.
“Many across the country continue to face uncertainties arising from the COVID-19 pandemic and the new lower financing rates will be a welcome change for our customers, helping to ease access to financing. We have also introduced similar reductions in our BML Islamic portfolio.” Nimal said.
BML said that further changes to the Bank’s loan and financing products for both personal and business customers will be announced in the coming weeks.