Bank of Maldives (BML) has revealed it has received 12,000 applications for loan moratorium so far.
BML said customers can apply for the moratorium via its website. The national bank noted the moratorium does not apply for financing issued from BML Islamic. BML added the leniency on payments of financing on BML Islamic will be issued in the coming days.
As part of the economic recovery plan to minimise the impact on individuals and businesses due to COVID-19, the government announced a deferment of loan repayments for BML customers. Customers are required to clear all overdue loan payments to be eligible for the moratorium.
The policy applies to all personal, housing and business loans. However, credit cards and overdraft facilities for personal and business customers are not eligible for the moratorium.
BML has stated the repayment amounts of all loans will be reduced by 20% for 6 months after the moratorium.