Lui Loan Expands to MVR 300,000

Bank of Maldives has announced that the total sum granted to the Lui Loan has increased to  MVR 300,000. The expansion is on the verge of completion, as stated by the Deputy CEO of BML, Mohamed Shareef.

He further stated that additional loan schemes are scheduled to be launched to individual customers, and that other necessary improvements for the respective loans would be made.

“The current 15,000 Lui loan scheme has been shortened to be given out in a span of 5 days.” affirmed Mr. Shareef. “This is possible by automating the process after gaining MMA’s credit from their information bureau.”

He continued by commenting on the convenience a self-application loan system would bring to locals with credit history along with companies and implying the necessity of such a system to the Maldivian banking industry.

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