BML raises age limit for personal loans to 75

The Bank of Maldives (BML) has raised the age limit for personal loans and financing to 75 years.

The bank had previously employed an age limit of 60 for loans, with customers aged between 55 and 60 required to repay loans within five years.

At a press briefing on Tuesday morning, BML’s CEO and Managing Director Mohamed Shareef announced that the bank’s board of directors made the decision on Monday to increase the age limit for issuance of loans to 75.

Shareef said the bank made the decision in face of numerous requests for loan applications for housing and other purposes.

He added that the board also decided to loosen the strict loan repayment period required of middle-aged customers.

“It will also be an added convenience to middle-aged individuals. They will get the chance to extend repayment to 20 or 25 years. The board made the decision to increase the age limit to 75,” he said.

When questioned whether BML plans to make any changes to its interest rates in light of the economic impact of the war in the Middle East, Shareef responded that the bank has no immediate plans to increase or lower its current rates.

Shareef added that the BML has also begun offering loans to resort employees at a rate that is 1.5 percent lower than standard rates if they make the repayments in US dollars.

He said that this allows customers who earn in USD dollars to get loans at a lower rate.