Bank of Maldives has announced changes to the interest and profits rates of its Vehicle Loan and Financing products.
As per the new changes, the customers can now borrow up to MVR 500,000 at a lower interest rate of 15% and benefit from the lowest monthly repayment when purchasing vehicles. The loan is available without additional security, with an extended repayment period of 5 years. In addition, with the new changes, customers can now purchase vehicles from any supplier in the country.
BML has stated that to promote the use of environmentally friendly vehicles, the Bank has further reduced Vehicle Loan and Financing rates for Fully Electric Vehicles to 12%.
The statement released by BML, introducing the lowest installment plans to vehicle purchase, read that in addition to motorcycles, cars, and other 4-wheelers, customers can purchase jet skis, mechanized dinghies, or any type of motorized vehicles, with the changes to BML Vehicle Loan and Financing.
As per the new changes, the customers can now borrow up to MVR 500,000 at a lower interest rate of 15% and benefit from the lowest monthly repayment when purchasing vehicles. The loan is available without additional security, with an extended repayment period of 5 years. In addition, with the new changes, customers can now purchase vehicles from any supplier in the country.
BML has stated that to promote the use of environmentally friendly vehicles, the Bank has further reduced Vehicle Loan and Financing rates for Fully Electric Vehicles to 12%.
The statement released by BML, introducing the lowest installment plans to vehicle purchase, read that in addition to motorcycles, cars, and other 4-wheelers, customers can purchase jet skis, mechanized dinghies, or any type of motorized vehicles, with the changes to BML Vehicle Loan and Financing.
