Bank of Maldives (BML) has announced reducing its student Kiyavaa Loan and Islamic Education Financing rate to 5 percent effective from Wednesday.
The bank said this change will apply to both new and existing student loans and education financing facilities.
BML also said that with the lower interest and financing rate, the repayment period for existing customers will be automatically reduced. Additional details and the lower monthly installment payment options will be communicated to all existing Kiyavaa Loan customers.
BML CEO and Managing Director Karl Stumke said the change will make it easier for students who wish to study anywhere in the world to obtain funding easily.
BML Kiyavaa Loan and education financing covers 75 percent of the cost of education, including tuition fees and other living costs. The loans have a repayment period of 10 years.