Bank of Maldives (BML) introduced their latest loan scheme, ‘Vehicle Loan’ on Sunday, 24 February.
The Senior Manager of Retail Banking of BML, Mr Badruddin Hassan noted that the newly introduced loan is designed for those who wish to purchase a land vehicle. With the introduction of the loan, BML customers can borrow up to MVR500,000 with a repayment period of five years.
The newly introduced loan does not require a guarantor and has an interest rate of 18%. Those who wish to receive the loan must have the capacity to invest minimum 20% of the cost of vehicle and repayments of other credit facilities should be satisfactory for the past 12 months.
The authorized dealers for BML at the moment are Litus Automobiles, Expert Motors Services, and RIKIB Automotors, with more being added in the near future.