National bank slashes interest rates on some loans
The Bank of Maldives has announced plans to slash interest rates on housing and personal loans and has launched a new loan scheme to encourage investment in green technologies.
01 Mar 2016, 9:00 AM
The Bank of Maldives has announced plans to slash interest rates on housing and personal loans and has launched a new loan scheme to encourage investment in green technologies.
The interest rate for real estate loans was reduced by two percent, and now stands at ten percent. Up to MVR150million (US$9.7million) can be obtained as real estate loans.
Personal loans, for which interest rates stood at 18 percent, can now be obtained at an interest rate of 11.75 percent with collateral. Up to MVR100,000 (US$6,485) can be obtained through the personal loan scheme
BML’s CEO and Managing Director Andrew Healy said: “Now that our financial position allows it, we have a responsibility to make the cost of borrowing as affordable as possible. These reduced rates will hugely benefit tens of thousands of individuals and families. For example, the reduced interest rate for an average home construction loan could lead to a saving of as much as MVR 1.8 million over the life of the loan.”
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