A new loan scheme is to be introduced by the Bank of Maldives (BML) following its previous soft loan plan, the bank has announced.
BML has previously issued MVR 15,000 (US$970) loans without a mortgage as part of their soft loan scheme, which the bank claimed had proven popular with the public.
The new scheme will be an extension of the existing plan, however BML has not stated its ceiling value or interest rates.
Only BML customers who have had their salaries deposited into their respective accounts continuously for one year will be eligible for the new soft loan scheme.
BML have stated that the new product will not require customers to submit quotations, and that the service is expected to commence soon.
The previous MVR 15,000 small loan scheme will not be ceased with the introduction of the new plan, the bank said.