Bank of Maldives (BML) has revealed that around 12,000 loans have been applied for deferment.
BML opened the opportunity to defer the repayment period to 6 months, as an initiative to help people during the economic downfall caused by COVID-19 pandemic.
BML provided this opportunity to its customers on 2nd April. BML has also introduced an online portal to submit applications. Its customers can apply for the deferment till September.
After applying for deferment, loan repayment can be deferred for 6 months, and the bank will not be charging compound interest for the 6 month period.
BML Islamic customers can also apply for the deferment except for customers who has taken Muraabahaa loan.