Bank of Maldives (BML) has announced changes to its personal unsecured loan and financing products. The limit has now been increased to USD77,420 without a mortgage.
BML stated it will now consolidate loans as BML Lui Loan to cater to all personal borrowing requirements. BML Islamic Personal Financing will also offer customers financing up to USD77,420 which can be used to purchase products or as cash financing. BML will now consider salary as well as any other income for both Lui Loan and Personal Financing following the change.
Chief Executive Officer (CEO) and Managing Director Karl Stumke said the change in the bank's portfolio has enabled customers to apply for large amounts of money for their own purposes. He also said that as the bank of choice for Maldivians, BML will continue to strive to meet and exceed the expectations of the customers.
BML stated that Lui Loan and Personal Financing are available to apply through the internet or mobile banking, and is processed within five days.