Bank of Maldives (BML) has announced the launch of instant approval for personal loans and financing facilities, the first service of its kind in the Maldives. Eligible customers can now view, apply for, and receive instant approval for loans or financing directly through the bank’s Internet or mobile banking platforms. Once approved, funds will be disbursed within four hours.
BML CEO and Managing Director, Karl Stumke, emphasized the bank’s commitment to customer satisfaction through digitalization. “We are continuously working hard to bring positive changes to our processes and implementing systems that enhance customer experience,” he stated. The streamlined process represents a significant reduction in processing time, from five days to mere minutes.
Individual credit limits, determined by the bank’s evaluation process, will dictate the maximum financing amount available to customers. Loans will carry a 15% annual interest rate with a repayment period of five years.
The introduction of instant loan and financing approval underscores the bank’s efforts to simplify banking processes and provide greater convenience to its customers.
