Bank of Maldives (BML) has announced the reduction of its Student Loan and Education Financing rate to 5%. The reduced rate is applicable for both new and existing facilities.
BML stated that with the new lower interest and financing rate, the repayment period for existing customers will be automatically reduced. Further details, as well as the option to pay a lower monthly installment, will be communicated to all existing Student Loan customers.
Chief Executive Officer (CEO) and Managing Director Karl Stumke said that BML is delighted to bring positive changes to their student loan that will allow easier access to funding for students seeking further education anywhere in the world.
BML Student Loan and Education Financing is available for students to cover 75% of the cost of education including tuition fees and other living costs and is offered with a repayment period of 10 years.