The Bank of Maldives (BML) has just announced that it’s lowering the interest rates on its student Kiyavaa Loan and Education Financing to 2.5%. This decision, approved by the Board of Directors on January 24, 2024, will come into effect from February 1, 2024. The new rate applies to both new and existing loan facilities.
The goal of this reduction is to make education more financially accessible. BML has expanded its Kiyavaa Loan and Education Financing to cover up to 90% of educational costs, including tuition fees and other living expenses.
Karl Stumke, the CEO and Managing Director of BML, expressed excitement about the rate reduction. “We are thrilled to announce a further reduction in our student financing rates to 2.5%. Our rate reduction last year made it easier for students to access funding for further education worldwide. With today’s announcement, we look forward to providing this opportunity to an even larger group of students,” he said.
Existing customers will benefit from this rate reduction as well. The repayment period for these customers will automatically decrease, making the financial commitment more manageable. BML plans to share further details on this, including options for lower monthly payments, directly with all existing Kiyavaa Loan and Education Financing customers.
The BML Kiyavaa Loan and Education Financing, with a repayment period of up to 10 years, aims to support students pursuing further education globally. This move by BML is expected to positively impact the educational dreams of many, aligning with broader educational and economic goals.