Bank of Maldives has announced a further reduction of its student Kiyavaa Loan and Education Financing rate to 2.5 percent, as agreed by the Board of Directors during their meeting on 24th January 2024.
The new rate will be effective from 1st February 2024 and will be applicable for both new and existing facilities.
It said that the BML Kiyavaa Loan and Education Financing will now be available to cover up to 90 percent of the cost of education including tuition fees and other living costs.
BML assured that with the new lower interest and financing rate, the repayment period for existing customers will be automatically reduced.
BML’s CEO and Managing Director, Karl Stumke commented the Bank was delighted to announce a further reduction in the student financing rates to 2.5 percent.
The Bank said that further details as well as the option to pay a lower monthly installment, will be communicated to all existing Kiyavaa Loan and Education Financing customers.
The BML Kiyavaa Loan and Education Financing, with a repayment period of 10 years, is available for students to cover the cost of further education anywhere in the world.