Bank of Maldives BML announces a deferment of student loan repayments for the National Student Loan Scheme and Educational Assistance Loan Scheme administered by the bank.
BML made the announcement after the Ministry of Higher Education had revealed that repayments of students loans for the National Student Loan Scheme and Educational Assistance Loan Scheme administered by the Bank would be delayed for six months as part of the Economic Recovery Plan to minimize the impact on individuals due to COVID-19.
In its statement BML said that this would allow a deferment of monthly repayments for 6 months from March 2020 to help students manage finances during this challenging time.
BML highlighted that at the same time, the loan tenor has also been extended by 6 months to allow students to make the same monthly repayment throughout the tenor.
It said that the Bank will implement the moratorium automatically and students will not be required to apply for this.
It also clarified that BML will not deduct repayments from accounts during the moratorium period for any outstanding loans with overdue installments
