Bank of Maldives (BML) has announced a further reduction of its student Kiyavaa Loan and Education Financing rate to 2.5%, as agreed by the Board of Directors during their meeting on 24th January 2024. The new rate will be effective from 1st February 2024 and will be applicable for both new and existing facilities.
The BML Kiyavaa Loan and Education Financing, with a repayment period of 10 years, is available for students to cover the cost of further education anywhere in the world.
The BML Kiyavaa Loan and Education Financing will now be available to cover up to 90% of the cost of education including tuition fees and other living costs. With the new lower interest and financing rate, the repayment period for existing customers will be automatically reduced.
BML’s CEO and Managing Director, Karl Stumke said the bank's rate reduction last year was a positive change that allowed students easier access to funding for further education anywhere in the world. With the new announcement, the opportunity will be provided to an even bigger cohort of students, he said.
Further details, as well as the option to pay a lower monthly installment, will be communicated to all existing Kiyavaa Loan and Education Financing customers.
