The Bank of Maldives (BML) has announced a reduction in the interest rates for its student Kiyavaa Loan and Education Financing to 2.5%. This decision, confirmed by the Board of Directors on 24th January 2024, is set to take effect from 1st February 2024. The revised rate applies to both new and existing loan facilities.
This reduction aims to make education more accessible financially. Bank of Maldives has extended the scope of its Kiyavaa Loan and Education Financing, now covering up to 90% of educational costs. This includes tuition fees and other related living expenses.
Karl Stumke, CEO and Managing Director of BML, expressed enthusiasm about the rate reduction. “We are delighted to announce a further reduction in our student financing rates to 2.5%. Our rate reduction last year was a positive change that allowed students easier access to funding for further education anywhere in the world. With today’s announcement, we look forward to providing this chance to an even bigger cohort of students,” he said.
For existing customers, this rate reduction brings an added advantage. The repayment period for these customers will see an automatic reduction, easing the financial burden. BML plans to provide further details on this, including options for lower monthly installments, directly to all existing Kiyavaa Loan and Education Financing customers.
The BML Kiyavaa Loan and Education Financing, with a repayment period extending up to 10 years, is designed to support students pursuing further education globally. This move by BML is poised to positively impact the educational aspirations of many, aligning with broader educational and economic goals.