Bank of Maldives has announced the reduction of its student “Kiyavaa” Loan and Education Financing rate to 5% effective from Wednesday, February 1.
The reduced rate is applicable for both new and existing facilities, BML noted.
BML said the repayment period for existing customers will be automatically reduced with the new lower interest and financing rate. Further details, as well as the option to pay a lower monthly installment, will be communicated to all existing Kiyavaa Loan customers.
BML’s CEO and Managing Director, Karl Stumke commented, “We are delighted to bring positive changes to our student loan that will allow easier access to funding for students seeking further education anywhere in the world.”
The BML Kiyavaa Loan and Education Financing is available for students to cover 75% of the cost of education including tuition fees and other living costs and is offered with a repayment period of 10 years.