Bank of Maldives Issues MVR 5 Billion in Loans in 2023

In addition to loans, BML provided startup grants to five businesses, three of which are now operational. The bank extended the repayment period for home purchase loans and financing to 25 years to increase loan eligibility for more people. Additionally, the maximum amount that can be borrowed without mortgage was raised to MVR 1.2 million, easing the loan process for customers.

BML also enhanced its products and services for personal banking customers. Nimal highlighted the importance of easy access to banking services for business owners, noting that all business services were centralized at the Malé Business Center last year.

Emphasizing education, BML reduced interest rates for education loans from nine to five percent to facilitate easier access to financing for educational purposes.

With the addition of 23,000 new customers in 2023, BML’s total customer base has grown to 345,000. The year also marked a significant financial milestone for BML, with a profit of MVR 2 billion and total assets worth MVR 45 billion. This profit is a first for a local company in the Maldives.