BML announces extension for loan deferments

Photo shows the headquarters of the Bank of Maldives in Male' city.

Bank of Maldives (BML) has announced that it will be making arrangements for customers to defer loan repayments until the end of November, as well as extending the applications for deferment.

Due to COVID-19 and its economic impact, loan repayments were deferred by the bank as well as a number of other financing facilities. 

A statement by BML said that it had received 17,700 applications for loan deferments including personal, housing, and business finance loans. 

The six-month period for the initial deferments had now lapsed, read the statement by BML which stated that it will be extending the deferment period and period for applications for deferment. 

Customers that are to restart the payments in September and October can now apply for the deferment. Applications for the deferments can be made from September 8 to November 30 through the bank’s portal.