Bank of Maldives today announced the launch of instant approval for personal loan and financing facilities, a first-of-its kind in the country.
Eligible customers will now be able to view and apply for loans or financing through Internet or Mobile Banking which will be approved instantly and disbursed in just four hours.
The Bank’s CEO and Managing Director, Karl Stumke said, “Improving customer satisfaction through digitalization is an important part of our strategy, and we are continuously working hard to bring positive changes to our processes and implementing systems that enhance customer experience. With today’s announcement, we can now approve Lui Loan or Personal Financing requests instantly, bringing down our processing timeframe from 5 days to just minutes.”
The available financing amount shown is based on the Bank’s credit evaluation for individual customers. Customers can choose an amount up to the credit limit shown, which will be available at a rate of 15% per annum with repayment period of 5 years.
