BML slashes loan overdue charge to 2%

Bank of Maldives (BML) has reduced the overdue charge on loans.

BML confirms it has reduced the overdue charge from 10 percent to two percent.

The bank made the change on Sunday.

With the change, customers who fail to make regular payments for loans and financial facilities taken from the bank will have their overdue charge reduced to two percent.

BML has made several such changes in recent weeks, including raising its Islamic finance limit from MVR 300,000 to MVR 1.2 million.

The bank has also lifted the monthly limit on withdrawal of US dollars of MVR 2,000 from ATMs.