BML cuts interest rate on student loans to 5%
In the true sense, the aim is to make BML a peoples’ bank, Yushau said.
Bank of Maldives (BML) has decided to reduce the student loan interest to 5%.
Speaking at a special function held at Crossroads to mark the 40th anniversary of the bank, its chairperson Yushau Saeed said that the bank aims to bring about the desired change in the local society. Yushau said there will be a positive change in services based on the concerns expressed by the public. Thus, he said:
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One of the complaints filed by some parents and students is that the interest rate on bank loans is high; so the rate has now been revised
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From February 1, the bank will reduce interest on student loans to 5%
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Interest on previous student loans will also be reduced to the same amount
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The current interest rate on loans is 9%
"It's a decision that customers will be happy about," Yushau said.
Noting that the bank is a public-owned bank and connected to every family in the country, Yushau said the bank is criticised by many because of its strong relationship with every Maldivian family. He added that the bank will listen to the criticism and take decisions based on a number of factors. Meanwhile, Yushau said:
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Every decision of the bank will be taken professionally in accordance with banking laws and regulations
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User decisions can be made in a manner that will not undermine the trust of customers, shareholders and local people
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In the true sense, the aim is to make BML a peoples’ bank, Yushau said.
"We are working to make the Bank of Maldives a responsible and sustainable business and a partner who can bring about a positive change in our society, employees and customers," Yushau said.
He further said that as the country's largest banker, the bank will always remain committed to the country's economy, individuals, businesses and the local community.
