Bank of Maldives (BML) has received a total of 12,000 applications requesting for the 6-month moratorium.
Earlier, the bank announced a moratorium on personal, housing and business loans for a six-month period in light of the viral COVID-19 pandemic.
The global pandemic slowed down the island nation’s economy with several businesses and individuals affected due to idle economic activity.
The national bank of Maldives announced its decision to provide financial relief for debtors as revenue generation for almost all economic areas have slowed down.
According to BML, a designated portal for moratorium request was established from 02 April onward providing necessary information and guidelines on the policies the moratorium.
The successful moratorium on loans will effect as follows;
BML confirms customers can apply for the moratorium until the end of September 2020.
The postponement on loan repayment will commence from the month of application for moratorium by customers. Moreover, applicants viable for the moratorium should not have an overdue installment of more than 30 days.
The moratorium from BML is also applicable for its Islamic wing customers with personal, business and housing finances. However, customers of BML Islamic’s Murabaha financing will be an exception with the bank contacting such customers to detail on their precise options.