Bank of Maldives (BML) has announced no-mortgage ‘Green Loans’ for personal and business customers wanting to invest in green technology.
BML stated that eligible personal banking customers can borrow from MVR 50,000 up to MVR 500,000 without any additional security at 12% interest. Customers can choose up to a 5-year period for repayment.
The Green Loan is obtainable for renewable energy projects such as the installation of solar power systems, and for the procurement of eco-friendly products. According to BML, their ultimate aim is to create a more sustainable community.
“With the increasing demand for environment-friendly solutions in Maldives,” said BML Director of Retail and SME Banking, Moosa Nimal, “the introduction of the unsecured Green Loan will allow for easier financing of renewable energy solutions.”
The bank has also said that it would be lending personal & business customers wanting to take on sustainable energy projects from MVR 50,000 to MVR 20 million with additional security at a 10% interest rate. Loans above MVR 500,000 can be paid off over 20 years.