Bank of Maldives (BML) has 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.
Starting Wednesday, the bank said they will have a single “BML Lui Loan” to cater for all personal borrowing requirements.
Meanwhile, BML Islamic Personal Financing will also offer customers Shariah compliant financing up to MVR 1.2 million which can be used to purchase products or as cash financing.
With the brand-new changes, BML said they will now consider salary as well as any other income for both Lui Loan and Personal Financing.
Commenting on new changes, the bank’s CEO, Managing Director Karl Stumke said the change to the bank’s portfolio will allow customers to access a much larger pool of funds for personal use, whatever the need is.
“As the bank of choice for Maldivians, we will continue to strive to meet and exceed our customers’ expectations,” he added.
Applications for Lui Loan or Personal Financing can be submitted through Internet or Mobile Banking, and is processed within 5 days.