The Bank of Maldives (BML) has announced a reduction in the interest rate on overdue loans from 10% to 2%. In a message addressed to its customers, BML stated that the new interest rate has been effective since Tuesday and will apply to all overdue loans issued by the bank.
This change is expected to result in a significant reduction in the amount of overdue interest payable by customers. BML has urged its customers to make regular loan repayments to avoid incurring overdue interest charges.
BML has also stated its commitment to improving its services, with recent efforts focused on enhancing the security of its online services to protect customers from online fraud.