Convenient changes brought to BML loans, alongside promotions

Bank of Maldives (BML) has introduced convenient changes to the personal and personal financing loans as part of a promotion with prices.

BML’s Director of Business, Mr. Kuldip Paliwal said at a news conference today that the personal loans and personal financing were some of the most popular products of the company.

“These two products are easy to access to facilitate the needs of the customers. These products received the biggest support from customers in the last few years,” said Kuldip.

Around MVR 2.7 billion was arranged as loans in 2019 alone, according to Kuldip.

Under the promotion today, MVR 500,000 worth prizes would be handed out by the bank. The promotion will run from March till the end of April.

An iPhone will be handed out every week to one of the customers that take part in the promotion. Prize money of MVR 100,000 will be awarded for two customers randomly selected from the Lui loan scheme and Islamic Personal Financing. Prize money of MVR 50,000 will also be awarded for customers taking vehicle loan schemes.

The conventional loan promotions will also be extended to Shariah compliance personal financing facilities as well, according to BML Islamic’s Director of Islamic Banking, Ms. Suri Hanim.

Regarding the changes brought to the personal financing and personal loan schemes, BML’s Head of Retail Moosa Nimaal said that one of the most notable changes was that a customer would be eligible if the person had deposited salary of 11 months to another bank and deposited one month’s salary to BML.

The previous rule was that customers would have to deposit salary for 12 months to BML in order to be eligible. Changes to the employment requirements also state that a customer will be eligible if the person was employed 12 months before and had been employed at least three months at a new place of employment.

Users of BML payroll would no longer have to submit employment letters.

Interest rates would also be lower for those purchasing environment-friendly vehicles under the vehicle loan scheme. Down payments are also slashed for two-wheel vehicles.

Changes to the lifestyle loans now state that loans of up to MVR 300,000 will be available up from the MVR 100,000 without any mortgages.