As part of the Economic Recovery Plan to minimize the impact on individuals due to COVID-19, the Ministry of Higher Education has announced a deferment of student loan repayments for the National Student Loan Scheme and Educational Assistance Loan Scheme administered by Bank of Maldives.
This moratorium allows a deferment of monthly repayments for 6 months from March 2020 to help students manage finances during this challenging time. At the same time, the loan tenor has also been extended by 6 months to allow students to make the same monthly repayment throughout the tenor.
Bank of Maldives will implement the moratorium automatically and students will not be required to apply for this.
Bank of Maldives will not deduct repayments from accounts during the moratorium period for any outstanding loans with overdue installments.
