The Government has announced a deferment of loan repayments for all Bank of Maldives (BML) customers.
The announcement comes as part of the Economic Recovery Plan to minimize the impact on individuals and businesses due to COVID-19.
“We have now finalized the details of this moratorium which allows a deferment of monthly principal and interest repayments for 6 months to help individuals and businesses manage during this
challenging time,” BML revealed in a press release.
“At the same time the tenor of the loan will also be extended by 6 months allowing more time to repay the accrued interest and principal repayments. Following the moratorium of 6 months, the repayment amount would be reduced by 20% for a further 6 months” the statement further read.
Bank of Maldives customers with personal, housing or business loans are eligible for the moratorium from 1st March 2020 until end September 2020.
Once requested, customers will not be required to make any payments for 6 months. The interest charged during these 6 months will be added to the outstanding loan amount and spread over the
remaining period of the loan. Interest rate charged will not be changed. This means that if customers are able to continue to meet their loan repayments regularly as per the existing schedule, they may wish not to avail themselves of the moratorium.
BML has stated that over the next few weeks the bank will share individual details with our customers, and announce a simple online process for personal customers in particular to take advantage of the moratorium.
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