Bank of Maldives Defers Loan Repayments

Saturday 28th of March 2020

Bank of Maldives Defers Loan Repayments

On 25th March, Bank of Maldives released a moratorium for all BML Islamic customers with Personal, Housing or Business Financing. As part of the Economic Recovery Plan to minimize the impact on individuals and businesses due to COVID-19, the Government announced a deferment of loan repayments for Bank of Maldives customers.

The National Bank has now finalized the details of the moratorium which allows a deferment of monthly principal and profit/lease repayments for 6 months to help individuals and businesses manage during this challenging time.

At the same time the tenor of the facility will also be extended by 6 months allowing more time to repay the principal and accrued profit/lease repayments. Following the moratorium of 6 months, the repayment amount would be reduced by 20% for a further 6 months.

All Bank of Maldives customers with personal, housing or business financing facilities are eligible for the moratorium from 1st March 2020 until end September 2020. The only requirement is for customers to have cleared all overdue payments. They can do this at any time during the March - September period to benefit from the moratorium.