Bank of Maldives has announced changes to its personal unsecured loan and financing products; simplifying its lending portfolio and increasing the financing limit to MVR 1.2 million.
BML said that from today, the Bank will have a single “BML Lui Loan” to cater to all personal borrowing requirements.
It said that BML Islamic Personal Financing will also offer customers Sharia’h compliant financing up to MVR 1.2 million which can be used to purchase products or as cash financing.
The Bank said that with this change, it will now consider salary as well as any other income for both Lui Loan and Personal Financing.
BML added that Lui Loan and Personal Financing are available to apply through the Internet or Mobile Banking and is processed within 5 days.