Bank of Maldives (BML), on Wednesday, announced changes to the interest and profit rates of the Vehicle Loan and Financing products, making it the lowest monthly instalment plan for the purchase of vehicles in Maldives.
According to the bank, customers can borrow an increased figure of up to MVR 500,000 at the lower interest rate of 15 percent.
The aforementioned loan is available for customers without additional security at an extended repayment period of five years.
Although BML Vehicle Loan previously only covered purchases from suppliers registered with the bank, customers can now enroll in the loan scheme to buy vehicles from any supplier in Maldives.
As part of BML's endeavours to encourage the usage of environmentally friendly vehicles, the Vehicle Loan and Financing rate for fully electric vehicles was reduced to 12 percent.
"With this change, BML now offers the most attractive and flexible terms in the market for purchase of any vehicle", stated BML’s Director of Retail and SME Banking, Moosa Nimal.
In addition to motorcycles, cars and other 4-wheeled vehicles, customers can now purchase jet skis, mechanized dinghies and any type of motorized vessel under BML's Vehicle Loan and Financing scheme.