Bank of Maldives (BML) has decided to extend the moratorium offered for its loans and financing facilities.
As part of the economic recovery plan to minimise the impact on individuals and businesses due to COVID-19, BML announced a deferment of loan repayments for its customers. Following the decision, BML now allows a deferment of monthly principal and profit/lease repayments for 6 months to help individuals and businesses manage during the challenging time.
Noting the 6-month moratorium for those customers are coming to an end, BML stated it is now offering a new moratorium which will cover the months of September to end-November. BML stressed the moratorium is extended only for those who are already on a moratorium and would have started repaying again during those months. BML stated eligible customers can apply for the new moratorium online via its website from September 8 to November 30.
BML revealed more than 17,700 customers with personal, housing or business loans and financing had successfully applied for moratorium, at the end of July 2020.