The bank has increased the maximum eligible age for loan and financing applicants from 60 to 75, Mohamed Shareef, Chief Executive Officer and Managing Director of Bank of Maldives (BML), has announced.
The announcement was made during a press conference held by the bank. Under the revised policy, individuals aged between 18 and 75 are now eligible to apply for loans.
Explaining the change, Shareef said previous limitations restricted loan access for older applicants. “Individuals over 60 years of age could not be granted loans. For example, a 55-year-old could only receive a loan with a repayment period of five years. We have now increased the maximum age to 75,” he said.
He noted that the adjustment would make it easier for middle-aged individuals to access financing, particularly for housing, as repayment periods can now be extended to 20 or 25 years. He added that the decision was made following approval by the bank’s board.
Shareef also said the bank is introducing arrangements to support customers who earn in US dollars, particularly resort employees who receive salaries and service charges in foreign currency.
“We have made provisions to offer low-cost loans to those earning in dollars, provided the loans are repaid in dollars. These loans carry an interest rate that is 1.5 per cent lower than the standard rate and 5 per cent lower than the usual equity requirement. We have also taken steps to facilitate applications from abroad,” he said.
According to BML, more than USD 323 million in loans has been disbursed so far in 2026, representing a 50 per cent increase compared to the same period last year.