Bank of Maldives (BML) has launched a loan targeted for local teachers teaching in schools and colleges.
The scheme was launched by Education Minister Dr. Aishath Shiham، in a ceremony held at Dharubaaruge.
The BML Teachers loan will loan the amounts from MVR 50،000 to 100،000. The loan is with 15 percent interest but without any guarantee. The loan has to be paid off within 5 year duration.
BML informed that the loan can be taken even if the applicant has taken a loan already and with the necessary documents submitted، the loan will be processed within 5 days.
Addressing at the ceremony، Minister Shiham has expressed gratitude to BML for acknowledging the hard work of the teachers and granting teachers with such an opportunity.
“Teachers provide a worthy service to the community. Teachers play a vital role in developing a bright future. It is an honor to the bank to launch a loan targeted for the people who are engaged in a national service” said  the BML’s CEO and MD Andrew Heeli.
BML informed that teachers can apply for the loan from any BML branch.