Overdue interest rates or penalties for failing to repay loans issued by Bank of Maldives (BML) have been decreased once again.
BML said that the overdue interest rate charged by the bank has now been reduced from 2 percent to 0.5 percent.
The decision to implement this change was made during the bank's board meeting held on January 24.
BML had previously reduced the overdue interest rate in April 2023 from 10 percent to 2 percent.
Overdue interest is a penalty charged by the bank for the period of non-payment for the loan.
The bank has urged its customers to repay the loans as due in order to avoid penalties regardless of the decrease in overdue interest rate.