BML announces unsecured loans and personal financing upto MVR 1.2mn

Bank of Maldives (BML) has announced changes to the personal unsecured loan and financing products.

BML has simplified its lending portfolio and increased the financing limit to MVR 1.2 million, the Bank said.

BML said starting Wednesday, there will be a single 'BML Lui Loan' to cater for all personal borrowing requirements and BML Islamic Personal Financing will offer customers Shariah compliant financing up to MVR 1.2 million. BML said the financing could be used to purchase products or cash financing.

BML said the Bank will now consider salary as well as any other income for both the Lui Loan and Personal Financing.

“We are delighted to announce this change to our portfolio which allows customers to access a much larger pool of funds for personal use, whatever the need is," BML’s CEO and Managing Director, Karl Stumke said.

He added that as the bank of choice for Maldivians, BML continue to strive to meet and exceed their customers’ expectations.

BML said their Lui Loan and Personal Financing are available for application through Internet or Mobile Banking, and will be processed within 5 days.