Bank of Maldives (BML) has announced a further reduction of its student Kiyavaa Loan and Education Financing rate to 2.5%.
BML stated that the decision for the rate reduction was made by the Board of Directors during their meeting on January 24. The new rate will be effective from February 1 and will be applicable for both new and existing facilities.
BML stated that the Kiyavaa Loan and Education Financing will now be available to cover up to 90% of the cost of education including tuition fees and other living costs. The bank stated that the repayment period for existing customers will also be automatically reduced with the new lower interest and financing rate.
Managing Director Karl Stumke said that BML is delighted to announce a further reduction in the student financing rates to 2.5%. He said that the rate reduction last year was a positive change that allowed students easier access to funding for further education anywhere in the world. He also said that the bank looks forward to providing a similar chance to an even bigger cohort of students with the rate reduction.
BML stated that further details, as well as the option to pay a lower monthly installment, will be communicated to all existing Kiyavaa Loan and Education Financing customers. The BML Kiyavaa Loan and Education Financing, with a repayment period of 10 years, is available for students to cover the cost of further education anywhere in the world.