Bank of Maldives BML has extended the loan moratoriums granted to its customers till November of this year.

BML said that it had made two changes to its moratorium and that one of these includes introducing a new moratorium which will cover the months of September to November.

BML said that this is only for those who are already on a moratorium and would have started repaying again during those months.

The Bank also said that it had extended the application deadline to 31st December 2020 which previously was set to expire on 30th September.

BML said that eligible customers can apply for the new moratorium online via the Bank’s portal from 8th September 2020.

The Bank of Maldives first introduced its loan moratorium to BML customers last march as part of its efforts to mitigate the economical downfall brought on by the COVID-19 pandemic.

BML said once the customer applies 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
  • The 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.