Bank of Maldives (BML) has announced changes to its personal unsecured loan and financing products, simplifying its lending portfolio and increasing the financing limit to MVR 1.2 million.
Effective Wednesday, the bank will have a single "BML Lui Loan" to cater to all personal borrowing requirements. BML Islamic Personal Financing will also offer customers Sharia'h compliant financing up to MVR 1.2 million, which can be used to purchase products or as cash financing. With this change, the bank will now consider salary as well as any other income for both Lui Loan and Personal Financing.
BML's CEO and Managing Director, Karl Stumke, said the changes to the bank's portfolio allow customers to access a much larger pool of funds for personal use, whatever the need is. He said the bank would continue to strive to meet and exceed its customers' expectations.
Lui Loan and Personal Financing are available to apply through the Internet or Mobile Banking and will be processed within five days.