Bank of Maldives launches unsecured USD financing for education under Kiyavaa Loan

Bank of Maldives (BML) has introduced a new unsecured financing option in US dollars for Maldivians pursuing professional qualifications, the bank announced on Sunday.

The option is an enhancement to BML's existing Kiyavaa Loan product. It allows customers to finance professional qualifications and related fee payments without providing collateral, according to a bank statement.

BML said the USD financing targets individuals pursuing internationally recognized certifications and professional development programs. The bank said the option removes the need for customers to convert Maldivian rufiyaa into foreign currency to cover course costs abroad.

How the financing works

Under the enhanced offering, course fees will be sent directly to the relevant professional body or institution through a Telegraphic Transfer, the bank said. Customers must submit required supporting documents before the transfer is made.

Eligible stipend amounts, where applicable, will be deposited directly into the customer's account, according to the statement.

BML cites customer demand

BML's Chief Executive Officer and Managing Director Mohamed Shareef said the change was part of the bank's ongoing efforts to improve its products.

"As part of our continuous efforts to improve our products and services, we have enhanced Kiyavaa Loan to better meet the evolving needs of our customers," Shareef said in the statement. "This new unsecured USD financing option provides greater flexibility for individuals pursuing higher education and professional qualifications abroad."

The bank described it as the leading financial institution in the Maldives and said it remains committed to supporting customers in their educational goals.

Further details on the unsecured Kiyavaa Loan are available on BML's website.