Bank of Maldives (BML) has announced changes to the interest and profits rates of its Personal and Housing Loans and Financing portfolio to offer better value for its customers.
A statement released announcing the changes reads that the interest rate for the widely popular Lui Express loan has been reduced to 15%. Where eligible customers can now borrow up to MVR 300,000 at the lower rate without any additional security. In addition, the interest rate for Lui Micro loan, ideal for nonsalaried individuals who do not receive a fixed regular salary, has been reduced to 12%.
BML has also stated that for the unsecured BML Lifestyle Loan customers can now enjoy a reduced interest rate of 15% to borrow up to MVR 300,000 with no additional security and for customers seeking to borrow upwards of MVR 300,000 up to MVR 1.5 million, interest rates remain at 12% with additional security.
At 10% interest, BML’s Housing Loan portfolio now offers the lowest interest rates in the country. This applies to the Home Purchase Loan as well as the Home Construction Loan with 50% equity. For the commercial Real Estate Loan, interest rates have been reduced to as low as 10.5%.
As per BML, further changes to the Bank’s loan and financing products for both personal and business customers will be announced in the coming weeks.
A statement released announcing the changes reads that the interest rate for the widely popular Lui Express loan has been reduced to 15%. Where eligible customers can now borrow up to MVR 300,000 at the lower rate without any additional security. In addition, the interest rate for Lui Micro loan, ideal for nonsalaried individuals who do not receive a fixed regular salary, has been reduced to 12%.
BML has also stated that for the unsecured BML Lifestyle Loan customers can now enjoy a reduced interest rate of 15% to borrow up to MVR 300,000 with no additional security and for customers seeking to borrow upwards of MVR 300,000 up to MVR 1.5 million, interest rates remain at 12% with additional security.
At 10% interest, BML’s Housing Loan portfolio now offers the lowest interest rates in the country. This applies to the Home Purchase Loan as well as the Home Construction Loan with 50% equity. For the commercial Real Estate Loan, interest rates have been reduced to as low as 10.5%.
As per BML, further changes to the Bank’s loan and financing products for both personal and business customers will be announced in the coming weeks.
