Bank of Maldives (BML) has introduced Vehicle Loan especially for individuals seeking to buy vehicles. The loan is introduced for individuals seeking to buy vehicles for business and personal use, according to the national bank.
Speaking regarding the loan product, Senior Manager of Retail Banking Badhruhdheen Hassan said loans up to USD 32,341 will be issued without a mortgage. He said a period of 5 years will be granted for customers to pay back the loan, highlighting the loan will be among the minimum instalment payment per month.
While 20 percent of the cost of the vehicle must be borne by the customer, the loan is issued with an interest rate of 18 percent. Further, the quotation of the vehicle must be from a dealer under agreement with BML.