The Government announced a deferment of loan repayments for Bank of Maldives (BML) customers as a part of the Economic Recovery Plan to minimize the impact on individuals and businesses due to COVID-19.
“We have now finalized the details of this moratorium which allows a deferment of monthly principal and profit/lease repayments for 6 months to help individuals and businesses manage during this challenging time.” a press release by BML read.
Furthermore BML has revealed that the tenor of the facility will also be extended by 6 months allowing more time to repay the principal and accrued profit/lease repayments. Following the moratorium of 6 months, the repayment amount would be reduced by 20% for a further 6 months.
All of BML customers with personal, housing or business financing facilities are eligible for the moratorium from 1st March 2020 until end September 2020.
The only requirement is for customers to have cleared all overdue payments. They can do this at any time during the March – September period to benefit from the moratorium.