BML introduces personal loans up to MVR50,000

Bank of Maldives (BML) has launched a personal loan scheme, under which individuals can take loans up to MVR50,000.

Talking to reporters at the Build Expo, BML Manager Marketing Mabrooka Ameel Jaleel said that the scheme launched today under the name ‘Lui Express’ would not require security, guarantors, or quotations when obtaining loans.

Under Lui Express, loans will be given between MVR20,000 and MVR50,000 at an interest rate of 18 percent. Maximum repayment period is 46 months.

A minimum salary of MVR4,000 is required to take a loan of up to MVR20,000, which must be repaid in instalments of MVR600 per month; a minimum salary of MVR6,000 is required to take a loan of up to MVR30,000, which must be repaid in instalments of MVR900 per month; a minimum salary of MVR8,000 is required to take a loan of up to MVR40,000, which must be repaid in instalments of MVR1,200 per month; and a minimum salary of MVR10,0000 is required to take a loan of up to MVR50,000, which must be repaid in instalments of MVR1,500 per month.

Mabrooka said that to obtain the loan, a person should have been employed for over 12 months previously, and should have held the present job for at least six months. The person’s employer should also be part of Lui Express loan scheme under an agreement with BML, and if the person has previously taken a loan under Lui Express, a new loan will not be given until he fully repays the initial loan.