BML to issue personal financing up to MVR 300,000 for fishermen

Bank of Maldives (BML) will be issuing personal financing up to MVR 300,000 without collateral or equity requirements for fishermen.

The loan is being issued under the Memorandum of Understanding (MoU) that the bank has entered with the Ministry of Fisheries and Ocean Resources to facilitate easy access for fishermen.

The MoU was signed by Minister of Fisheries and Ocean Resources Ahmed Shiyam and BML’s CEO, Managing Director Mohamed Shareef.

According to BML, the collaboration will enable fishermen registered on the National Fishermen’s Register to access a variety of credit facilities, including personal financing, credit cards, and home loans, based on their income. 

In this regard, under this arrangement, eligible fishermen can access personal financing up to MVR 300,000 without collateral or equity requirements, and for the first time, the repayment schedules will be structured considering seasonal variations in fishing income.

BML said fishermen can apply for Personal Financing and Lui Loans through the Bank’s Internet or Mobile Banking App, ensuring accessibility from anywhere across the Maldives.

Apart from Personal Financing, once registered on the National Fishermen’s Register, fishermen will also be able to apply for Home Build Financing, Home Purchase Financing and Home Construction Financing.

Shareef said the purpose of the collaboration is to enhance fishermen’s access to credit facilities.

“This will allow us to provide financial solutions that recognize the unique earning patterns and seasonal challenges faced by our fishermen to support their livelihoods in a sustainable manner,” he added.