5% Reductions on BML’s Kiyavaa Loan & Education Financing

On Wednesday, the Bank of Maldives announced that it has reduced the student Kiyavaa Loan and Education Financing rate to five per cent (5%), bringing relief to many students in the Maldives. The reduced rates will be in effect starting from 1^st February 2023 and are applicable to both new and existing facilities.

With this generous modification to a lower interest and financing rate, the repayment window for existing customers will automatically become smaller, allowing students to pay back their loans faster. BML stated that further details about the reductions such as the option to pay a lower monthly installment will be communicated to all exiting Kiyavaa Loan customers in the near future.

Speaking on the reduction, BML’s CEO and Managing Director, Karl Stumke said “We are delighted to bring positive changes to our student loan that will allow easier access to funding for students seeking further education anywhere in the world.”

The BML Kiyavaa Loan and Education Financing scheme covers 75% of the cost of education for students including tuition fees and other living expenses and is provided with a repayment period of 10 years.