Purchase Your Vehicles Worry Free With The Lowest Installment Plan For A Vehicle Loan By BML!
Since the beginning of November, Bank of Maldives Plc (BML) have been announcing positive changes to various loans and financing schemes offered by the bank. In this regard, interest rates and profit rates have been decreased on personal and housing loans. They have also introduced unsecured green loans. Another such change has been made and here is all you need to know about it!
This time, the bank has brought changes to the interest rates and profit rates of its Vehicle Loan and Financing Products. Presently, customers can borrow up to MVR 500,000 at a remarkably low interest rate of 15%. In addition to this, they will enjoy the benefit of the lowest monthly repayment rate when making a purchase of a vehicle which can be paid back in an extended period of 5 years.
Two things which struck to me the most about the changes however was, one, having the option to purchase vehicles from any local suppliers without being confined to the ones registered with the bank and, two, the addition of jet skis, mechanized dinghies or any type of motorized vehicles as vehicles that can be covered by the loan. Previously, the list was limited to just motorcycles, cars and other 4-wheelers
Apart from this, as part of the Bank’s effort to promote the use of environmentally friendly vehicles, they have reduced interest rates on vehicle loans for fully electric vehicles to 12%.
The Bank notes that these changes have been brought to lessen the financial burden on its customers entailed by the impacts of COVID-19.