Bank of Maldives has decided to launch a service that instantly processes the application forms for 'Lui Loan' and BML Islamic Personal Financing distributed by the company.
At the launching of this service held today, the CEO and Managing director of the company, Karl Stumke stated that the company is making efforts to expand their services accordingly with the times and establish structures that cater to their customer demands.
Highlighting that the Lui Loan is the most popular and demanded loan, he stated that this service will see further refinement with the introduction of this feature.
'Lui Loan' is a quick borrowing solution for personal banking customers and is offered without a mortgage.
With the addition of the “Instant Approval” feature to BML Lui Loans, the funds will be wired into the applicant’s BML account four hours after loan approval.
These new changes now allows customers to see their credit limit on their mobile or internet banking and apply for these schemes. This option will be available once the determined limit of funds or credit card is chosen through the credit limit option on their Internet Banking services window. If the applicant is eligible for the loan, funds will be wired instantly.
Rental and Business income customers who are unable to see the Credit Limit are also able to apply for the loan through Internet Banking.
The conditions for the loan mandates an age criterion between 18 and 60 years. Furthermore, the customer must be salaried with a regular stream of salary income into their account for 12 months and ensure satisfactory payments with previous loans devoid of any issues.
The details also underline that if the applicant requests for a loan after 2200 hrs at night, funds will be processed the next day after 0900 hrs in the morning.
Credit limit of BML Islamic Financing customers will also be available through Internet Banking. Funds will be wired instantly after this credit limit option is selected and a loan is requested. After four hours of their request, applicants will receive a sale agreement which can be approved through internet banking. Thirty minutes following the approval of the agreement, customers will receive the requested funds of their loan.
BML allows issuance of all their loans under MVR 1.2 million without a mortgage or a guarantor.