Bank of Maldives (BML), on Wednesday, announced the reduction of its student Kiyavaa Loan and Education Financing rate to five percent effective immediately.
As per the national bank, the reduced rate will be applicable for both new and existing facilities.
They also noted that the new lower interest and financing rate would automatically reduce the repayment period for existing details.
BML said that further details, as well as the option to pay a lower monthly installment, will be communicated to all existing Kiyavaa Loan customers.
Commenting on new lower interest and financing rate – BML’s CEO, Managing Director Karl Stumke said that the change will allow easier access to funding for students seeking further education.
“We are delighted to bring positive changes to our student loan that will allow easier access to funding for students seeking further education anywhere in the world,” he said.
BML Kiyavaa Loan and Education Financing is available for students to cover 75 percent of the cost of education including tuition fees and other living costs and is offered with a repayment period of 10 years.
The national bank also recently announced changes to its personal unsecured loan and financing products – to simplify its lending portfolio and increasing the financing limit to MVR 1.2 million.