Bank of Maldives (BML) has announced positive changes to its personal loans portfolio to meet the growing demand of customers for greater flexibility in borrowing.
The positive changes in Personal Loan products will help customers fulfil their growing requirement for personal finance, Director of Business Kuldip Paliwal said while speaking at a press conference. The business director added customers can now borrow more and at the same time, reduce the repayment commitment with extended payment period.
With the changes to the Lui Express loan scheme, customers can now borrow up to USD 19,300 and enjoy an extended repayment period of 5 years. Available for salaried customers who regularly deposit salaries to their accounts, the Lui Express loan scheme does not require additional security or own contribution.
Further, the old Lui Loan scheme with a maximum borrowing limit of USD 970 has been amended and introduced as the Lui Micro Loan. The new loan is ideal for non-salaried individuals who do not receive a fixed regular income.
Customers can now borrow up to USD 1,616 without any security and the repayment period has been extended to 5 years. The existing BML Lifestyle Loan has also been further enhanced for rent earning customers to borrow up to USD 6,466 without any security with a repayment period of 5 years.
Customers also have the option of borrowing up to USD 97,000 against their rental property.