Bank of Maldives (BML) announces positive changes to the Retailers’ Loan, which targets businesses requiring fund expansions.
Moreover, the loan aims towards helping businesses to adjust their working capital in order to sustain operations.
BML’s Retailers’ Loan is available as a loan or as overdraft, “financing up to three times the value of the monthly average Point-of-Sale (POS) volume.”
Furthermore, similar changes become effective on BML Islamic Retailers’ Financing as well.
The national bank further announces change to eligibility criteria on Sunday, 08 November 2020.
As such under the new criteria, BML reduces minimum monthly average POS sales to MVR30,000 from the previous MVR50,000 threshold.
Additionally, businesses must have 12-months of continuous POS sales to be eligible for the loan.
The minimum monthly POS sales of MVR30,000 will now be considered only for the past 6 months.
Moreover, the bank will not take into account the months from April to June due to the negative Covid-19 impact.