Bank of Maldives BML says with its newly introduced unsecured Green Loan, eligible customers can borrow from MVR 50,000 to MVR 500,000 without any additional security for a 5-year tenor at an interest rate of 12 percent.
BML said that this is lower than the standard interest rates for the Bank’s unsecured loan products.
The Bank said that for personal and business customers seeking to borrow funds for larger investments up to MVR 20 million in value, the interest rate of the secured Green Loan has been further decreased to 10 percent.
It noted that this is available with its own equity contribution of 15 percent and an extended tenor of 20 years.
BML described this as a step taken in a series of measures to offer better value for its customers, this change allows individuals and businesses to affordably create a more sustainable community.
It said that the Green Loan is available for renewable energy projects such as solar power generation or the purchase and for investments in energy-efficient products.