BML Islamic has today introduced a ‘Education Financing Facility’, and it has riled up quite a hype. Built upon the international best standards of Islamic banking and finance, precisely Ijarah, the facility is aimed to finance from certificate level courses to doctorates pursued at your dream higher education institutions located anywhere in the world.
‘Education Financing Facility’ will cover up to 75% of the cost of education, which includes tuition fees and other living costs at a rate of 11% p.a. The remaining 25% shall be accounted for, personally, by an applicant. Financing can be paid over a period of no longer than 10 years, after the completion of studies.
The eligibility criteria for financing is as follows;
·Personal net monthly income from all sources must be sufficient to cover the repayment amount
·Property offered as security must be at least 150% of the financing amount
·Maximum age limit is normally 60 years. If a prospective applicant is unable to meet this criteria, an application can be submitted in joint capacity with another applicant
BML Islamic is presently accepting application for ‘Education Financing Facility’. Accordingly, an application can be submitted through BML Islamic’s Male’ Branch located at H. Zoneyria or from any atoll-based BML branch.
If you wish to know more about this finance facility, further details can be found at this link.