Bank of Maldives BML says it has received 12000 applications for loan deferment from its customers.
The bank announced a debt moratorium of 6 months for its personal, housing and business loans as part of on-going efforts to ease the economic crunch caused by global pandemic Covid-19.
In a statement the Bank said it has created an easily accessible portal for customers to login and request for information on the moratorium as well as apply for the loan deferment and that this portal has been open for customers since the 2nd of this month.
BML said once the customer apply for the deferment the following actions would be triggered:
-First Six months: Customers would not have to make any payment to the bank for the first six months although a simple interest would be charged for the period.
-Next six months: Customers have to pay less than 20% of the current monthly repayments
-Remaining period of the loan: The interest charge for the first six months would be added to the outstanding loan amount and spread over the remaining period of the loan.
BML said customers could apply for the deferment until September of this year and that the deferment would be counted once the customer apply for the debt moratorium. The Bank said those customers who apply for deferment should not have an outstanding loan repayment exceeding 30 days.
The bank also said BML Islamic customers with personal, Housing and Business financing, with exemption of Muraabahaa financing, could apply for the deferment.
