Bank of Maldives (BML) have issued a total of MVR45 million in working capital loans as part of the Covid-19 recovery scheme.
The national bank issued the recovery scheme loans to local businesses, entrepreneurs and individuals in efforts to reduce heavy impact amid the unprecedented economic crisis.
BML’s recovery scheme loans are aimed at local resorts and businesses with a turnover of above MVR10 million.
The bank reports documents related to 63 different loan parties, approved by Ministry of Finance post bank evaluation have been mailed to customers. BML reported 34 out of the customers who complied with completed documentation were issued with MVR45 million in total.
Recovery scheme loans are issued without mortgages at 6% interest rates and with a 6-month grace period. The loans have been repaid in full, with interest, within a 3-year period.
The bank does to incur principle or interest charges on the loan during the grace period.