As part of the Economic Recovery Plan to minimize the impact on individuals due to COVID-19, the Ministry of Higher Education has announced a deferment of student loan repayments for the National Student Loan Scheme and Education Assistance Loan Scheme administered by Bank of Maldives.
A statement issued by BML on Monday said the moratorium will allow the deferment of monthly payments for six months from March 2020, to help students manage finances during this challenging time. The loan tenor will also be extended by six months, said BML.
"At the same time, the loan tenor has also been extended by six months to allow students to make the same monthly repayment throughout the tenor. BML will implement the moratorium automatically and students will not be required to apply for this," said BML.
The bank further said it would not deduct repayments from accounts during the moratorium period for any outstanding loans with overdue installments.