BML introduces unsecured Green Loans up to MVR 500,000

A solar panel installed rooftop.

Bank of Maldives has announced changes to its Green Loan scheme for environment-friendly projects focused on renewable energy.

The Green Loan scheme will now permit eligible customers to borrow between MVR 50,000 to MVR 500,000 without any additional security for a 5-year tenor at an interest rate of 12%.

BML said that this is lower than the standard interest rates for unsecured loan products.

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 was further decreased by BML to 10%. This is available with an equity contribution of 15% and an extended tenor of 20 years.

BML said that this was "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."

BML's Green Loan scheme is available for renewable energy projects such as solar power generation or the purchase and for investments in energy-efficient products. 

BML’s Director of Retail and SME Banking, Moosa Nimal said, “Given the growing demand for environment-friendly solutions in the country, the changes brought to our Green Loan together with the introduction of the unsecured Green Loan now provides easier access to finance to implement renewable energy solutions,"

"The changes announced today will also encourage the growth of businesses in the renewable energy market.”